Aspen posts strong Q2 results as it fights off Endurance
Aspen Insurance has posted strong results for the second quarter of 2014 as it continues to fight off the advances of Endurance.
Its operating income per share more than doubled to $1.40 for the quarter, compared with $0.63 in the second quarter of 2013.
Its gross written premiums (GWP) increased overall by 13.4 percent to $779.3 million in the second quarter of 2014.
Within its reinsurance segment, Aspen said that growth in catastrophe and other property lines of business had been offset by declines in casualty and specialty lines.
Its GWP for the insurance segment grew by 23.7 percent to $480.9 million, compared with $388.7 million for the second quarter of 2013.
Overall, its combined ratio fell by 7 percentage points to 90.1 percent for the second quarter of 2014 compared with 97.1 percent for the second quarter of 2013. In the reinsurance segment, its combined ratio fell to 75.5 percent in the quarter, compared with 88.9 percent for the second quarter of 2013.
Chris O’Kane, chief executive officer, said: “Aspen’s strong, high-quality results for the second quarter and first half of 2014 demonstrate the benefits of the investments we have made in our business, our operating focus and our successful strategy to manage a dynamic market. The combination of top-line growth, sound underwriting, impressive performance in our reinsurance business and increasing scale in the US insurance platform is driving increases in ROE and book value per share.
“Going forward we expect our operating leverage to continue to increase with premiums growing across many lines and at a faster rate than both expenses and allocated capital. Improving operating leverage will drive an increase in ROE which will enable us to continue to enhance shareholder value.”