Aspen Insurance has reported a net profit of $30.3m for the three months ended 31 December, 2005 and a net loss of $177.8m, but for the 12 months ended 31 December, 2005...
Aspen Insurance has reported a net profit of $30.3m for the three months ended 31 December, 2005 but a net loss of $177.8m for the 12 months ended 31 December, 2005.
Gross written premiums were $245m for the fourth quarter 2005 and $2.1bn for the 12 months ended 31 December, 2005.
Chris O'Kane, chief executive, said: "Our results for 2005 are clearly very disappointing and do not meet our expectations.
"The insurance industry, including Aspen, has a great deal to learn from the hurricanes of 2004 and 2005 and I am confident that Aspen is in the vanguard of putting these new insights to work.
"We have benefited in the past from our diversified underwriting strategy and 2006 will see greater diversification of our portfolio as we redeploy our capital in favour of the best underwriting opportunities."
