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Aspen Insurance Holdings Limited Reports First Quarter 2006 Earnings
Hamilton, Bermuda: April 26, 2006 €” Aspen Insurance Holdings Limited (NYSE: AHL; BSX: AHL.BH) today reported a net profit of $61.8 million, or $0.59 per diluted ordinary share, for the three months ended March 31, 2006.
Gross written premiums were $678.7 million for the first quarter 2006.
Net investment income was $44.5 million for the first quarter 2006.
Chris O'Kane, Chief Executive Officer, said, "During the first quarter we experienced a benign period for losses, which is reflected in our loss ratio for the period. Additionally, we were extremely active in re-focusing our property catastrophe exposures, which resulted in a major reduction in critical zone exposures beyond what we had contemplated in our planning. This also resulted in a meaningful reduction in premium. At January 1, in many cases, prices for catastrophe risk did not move sufficiently, but as the quarter progressed, we observed considerable strengthening of critical zone catastrophe pricing. We are encouraged by this trend and believe it will enable us to replace considerable parts of the business we have rejected with similar exposures at much better prices as the year advances."
Shareholders' equity increased from $2,039.8 million at December 31, 2005 to $2,075.0 million at March 31, 2006.
During the quarter the Company raised $29.1 million through the issuance of Perpetual Preferred Income Equity Replacement Securities.
Earnings conference call
Aspen will hold a conference call tomorrow, April 27, 2006 at 8:30 a.m. (ET) to discuss its 2006 first quarter financial results. Investors may participate in the live conference call by dialing 800-473-6123 (toll-free domestic U.S.) or 973-582-2706 (international); conference ID: 7171715. Please call to register at least 10 minutes before the conference call begins. A replay of the call will be available for 10 days via telephone starting approximately two hours following the live call on April 27, 2006, and can be accessed at 877-519-4471 (toll-free domestic U.S.) or 973-341-3080 (international); digital pin: 7171715. The live call and a replay can also be heard via Aspen's website at www.aspen.bm.
In addition, a financial supplement relating to the Company's financial results for the first quarter 2006 is available in the Investor Relations section of the Company's website at www.aspen.bm.