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ASPEN INSURANCE HOLDINGS REPORTS RESULTS FOR THE FIRST QUARTER OF 2011 (Excerpt)
Hamilton, Bermuda - 28 April, 2011 – Aspen Insurance Holdings Limited (“Aspen” or the “Company”; Ticker: NYSE:AHL; BSX: AHL.BH) today reported a net loss after tax for the first quarter of 2011 of $151.7 million, or an operating loss of $2.40 per diluted ordinary share. Losses from the natural catastrophe events that occurred during the first quarter of 2011 accounted for $3.63 of the decline in diluted operating earnings per share for the period.
Diluted book value per share was $36.65 at March 31, 2011, an increase of 6.4% compared to March 31, 2010. Diluted book value per share decreased by $2.25, or 5.8%, since December 31, 2010 as a result of the natural catastrophe events that occurred during the quarter.
· Diluted book value per share of $36.65, up 6.4% over the end of the first quarter of 2010 and down 5.8% from the fourth quarter of 2010.
· First quarter net loss after tax of $151.7 million, including losses of $255.9 million, net of reinsurance recoveries, reinstatement premiums and taxes, resulting from the natural catastrophe events that occurred in the first quarter of 2011, down from net profit after tax of $18.3 million in the same quarter last year.
· Combined ratio of 148.5% or 85.1% excluding catastrophe losses compared with a combined ratio of 110.3%, or 86.1% excluding catastrophes, for the first quarter of 2010.
· Diluted operating loss per share of $2.40 for the quarter, including $3.63 of loss per share from the natural catastrophe events that occurred in the first quarter of 2011, down from diluted operating earnings per share of $0.01 for the first quarter of 2010.
“The first quarter of 2011 saw an exceptionally high level of natural catastrophes which, combined with historically low investment returns and significant changes implied in new exposure modelling, continue to support a potential improvement in market conditions,” said Chris O’Kane, Chief Executive Officer. “These natural catastrophes had a material impact on our reinsurance segment results, while our insurance segment reported a modest profit in the quarter. Aspen’s diversified model and solid capital base continue to provide the flexibility to allocate resources to business lines that experience the most pronounced price improvements. Our balance sheet remains strong and we believe that we are well positioned to benefit as the pricing environment improves.”
Capital Position
The Company’s balance sheet remained robust with $9.3 billion in total assets, $4.2 billion in gross reserves and $3.1 billion of shareholders’ equity. In April 2011, the Company published its inaugural loss reserve triangles, providing further insight into its reserve position and balance sheet strength.
The Company entered into an accelerated share repurchase in November 2010 to repurchase $184.0 million of its ordinary shares. The contract was completed on March 14, 2011 and a total of 6,280,185 ordinary shares were cancelled under the program.
Outlook for 2011
In light of current market conditions and the significant level of natural catastrophe losses that occurred during the first quarter of 2011, the Company currently anticipates gross written premium for 2011 to be unchanged from its initial guidance at $2.1 billion +/- 5%, with a small increase in premium ceded to be between 10% and 14% of gross earned premium and the combined ratio to be in the range of 105%-110% including a catastrophe load of $140 million assuming normal loss experience for the remainder of the year. The anticipated effective tax rate in 2011 remains unchanged in the range of 8% to 12%.
Earnings conference call
Aspen will hold a conference call to discuss its financial results on Thursday, April 28, 2011 at 2:00 p.m. (Eastern Time).
CONFERENCE CALL PARTICIPATION DETAILS – April 28, 2011 at 2:00 p.m. (ET)
Participant Dial-In Numbers: +1 (888) 459-5609 (US Toll Free)
+1 (404) 665-9920 (International)
Conference ID: 56994996
Please call to register at least 10 minutes before the conference call begins.
The conference call will be webcast live in the ‘presentations’ section of the Investor Relations page of Aspen's website, which is located at www.aspen.bm. The earnings press release and a detailed financial supplement will be posted to the website, as well as a brief slide presentation which may be used for reference during the earnings call.
REPLAY DETAILS
A replay of the call will be available for 14 days via telephone and internet starting two hours following the end of the live call.
Replay Access: +1 (800) 642-1687 (US Toll Free)
+1 (706) 645-9291 (International)
www.aspen.bm
Replay ID: 56994996
About
The Company provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the twelve months ended December 31, 2010, the Company reported gross written premiums of $2,076.8 million, net income of $312.7 million and total assets of $8.8 billion. Its operating subsidiaries have been assigned a financial strength rating of “A” (“Strong”) by Standard & Poor's, an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody's Investors Service.
The complete text of this release is available on the Company web-site at www.aspen.bm
Investor Contact:
Aspen Insurance Holdings Limited
Kerry Calaiaro, Senior Vice President, Investor Relations.......
T: +1 646-502-1076
Noah Fields, Vice President, Investor Relations.......................
T: +1 441-297-9382
European Press Contact: Citigate Dewe Rogerson Justin Griffiths/Sarah Gestetner.................................................
T: +44 (0) 20 7282 2920
North American Press Contact: Abernathy MacGregor Carina Davidson/Allyson Morris................................................
T: +1 212-371-5999