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Aspen Insurance Reports Q2, First Half Results

Net profit after tax of $110.4 million, and operating earnings of $1.14 per diluted ordinary share

Aspen Insurance Holdings, a provider of reinsurance and insurance, has reported a net profit after tax for the second quarter of 2009 of $110.4 million, and operating earnings of $1.14 per diluted ordinary share. This compares to a net profit after tax of $126.9 million, and operating earnings of $1.44 per diluted share for the second quarter last year.

The property reinsurance segment recorded a combined ratio of 48.1% for the second quarter, as compared to 65% in the same period in 2008.

Casualty reinsurance reported a combined ratio for the quarter of 99%, as compared to 91.5% for the same period in 2008. The increase in the combined ratio for the quarter is attributable mainly to an $18 million reduction in reserve releases, when compared to the second quarter of 2008.

Net investment income for the quarter was $72.2 million, compared to $70.5 million in the second quarter of 2008 (primarily due to the $16.2 million contribution from the funds of hedge funds investments), as compared to a gain of $10.8 million from these investments in the second quarter of 2008.