Bermuda-based Aspen Insurance Holdings Limited reported second-quarter net income increased 11 percent compared to the period in 2007, citing strong underwriting performance and solid investment returns.
Quarterly net income for the firm was reported at $126.9 million, compared to $114.7 million in the second quarter of 2007. Gross written premiums increased in the quarter to $528.8 million from $503 million in 2007.
Net earned premiums, though, fell 12 percent to $397.3 million compared to $451.2 million in the second quarter of 2007. Aspen Chief Financial Officer Richard Houghton said in a conference call that the lower net earned premiums "are a function of the reduction in gross written premium in the second half of 2007 and in the first quarter of 2008."
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