Significantly higher premium growth was the driving force being a 400% increase in profits for Aspen Insurance Holdings, said a report.
The Bermuda-based insurer and reinsurer recorded net income of $152.1m for the 12 months ending 31 December 2003, up from $28.6m for the previous year. Aspen began operations only in June 2002.
Gross written premiums rocketed to $1.3bn, up from $374.8m in 2002, said the report. Net written premiums stood at $1bn in 2003, compared with $312.6m for the previous year.
Aspen's combined ratio for 2003 stood at 78%.
