Aspen Insurance Holdings Ltd. (AHL, Financial) filed Quarterly Report for the period ended 2010-06-30.
Aspen Insurance Holdings Ltd. has a market cap of $2.15 billion; its shares were traded at around $27.86 with a P/E ratio of 6.9 and P/S ratio of 1.2. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.2%.AHL is in the portfolios of David Einhorn of Greenlight Capital Inc, David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Third Avenue Management, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Richard Snow of Snow Capital Management, L.P., NWQ Managers of NWQ Investment Management Co, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
The loss ratio for the quarter of 57.7% has increased by 2.9 percentage points compared to the second quarter of 2009. The increase is due mainly to lower reserve releases in the current quarter of $2.1 million compared with $16.9 million in the second quarter of 2009. Reserve releases in our reinsurance segment reduced from $32.1 million in the second quarter of 2009 to $11.1 million in the current period, with the $21.0 million reduction increasing the current year loss ratio by 7.2 percentage points. The insurance segment had a $9.0 million reserve strengthening this quarter compared to a $15.2 million strengthening in the second quarter of 2009. The $6.2 million variance had the effect of a 3.3 point reduction on the insurance segment loss ratio in the second quarter of 2010.
Change in fair value of derivatives. In the three months ended June 30, 2010, we recorded a reduction of $2.0 million (2009 $2.0 million reduction) in the estimated fair value of our credit insurance contract including an interest expense charge of $0.2 million (2009 $0.2 million) and a charge of $0.1 million (2009 ) for the interest rate swap. Further information on these contracts can be found in Note 9 to the financial statements.
Other revenues and expenses. Other revenues and expenses in the three months ended June 30, 2010 included $2.6 million of foreign currency exchange losses (2009 $3.1 million gain) and $5.7 million of realized and unrealized investment gains (2009 $4.8 million gain). Realized and unrealized losses included $3.0 million (2009 $4.3 million) of net realized gains from the fixed income maturities available-for-sale portfolio, $1.1 million (2009 ) of net realized gains from our fixed income maturities trading portfolio, $1.3 million (2009 $3.4 million) net unrealized gains from our fixed income maturities trading portfolio, a
charge of (2009 $2.9 million) for investments we believe to be other-than-temporarily impaired and $0.3 million (2009 ) representing our share of earnings from our investment in Cartesian Iris.
Dividends paid on our preference shares in the three months ended June 30, 2010 were $5.7 million (2009 $5.8 million). The reduction between the two periods is due to the repurchase and cancellation on March 31, 2009 of 2,672,500 of our 7.401% $25 liquidation preference shares.
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Aspen Insurance Holdings Ltd. has a market cap of $2.15 billion; its shares were traded at around $27.86 with a P/E ratio of 6.9 and P/S ratio of 1.2. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.2%.AHL is in the portfolios of David Einhorn of Greenlight Capital Inc, David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Third Avenue Management, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Richard Snow of Snow Capital Management, L.P., NWQ Managers of NWQ Investment Management Co, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
On July 29, 2010, in our earnings announcement, we refined our loss estimates in relation to the Deepwater Horizon event. We have booked a net loss after tax and reinstatements of $18.6 million, split $9.9 million for the insurance segment and $8.7 million for the reinsurance segment. This estimate supplants our previous announcement on June 10, 2010 that our loss from this event net of tax and reinsurance premiums would be unlikely to exceed $25 million.The loss ratio for the quarter of 57.7% has increased by 2.9 percentage points compared to the second quarter of 2009. The increase is due mainly to lower reserve releases in the current quarter of $2.1 million compared with $16.9 million in the second quarter of 2009. Reserve releases in our reinsurance segment reduced from $32.1 million in the second quarter of 2009 to $11.1 million in the current period, with the $21.0 million reduction increasing the current year loss ratio by 7.2 percentage points. The insurance segment had a $9.0 million reserve strengthening this quarter compared to a $15.2 million strengthening in the second quarter of 2009. The $6.2 million variance had the effect of a 3.3 point reduction on the insurance segment loss ratio in the second quarter of 2010.
Change in fair value of derivatives. In the three months ended June 30, 2010, we recorded a reduction of $2.0 million (2009 $2.0 million reduction) in the estimated fair value of our credit insurance contract including an interest expense charge of $0.2 million (2009 $0.2 million) and a charge of $0.1 million (2009 ) for the interest rate swap. Further information on these contracts can be found in Note 9 to the financial statements.
Other revenues and expenses. Other revenues and expenses in the three months ended June 30, 2010 included $2.6 million of foreign currency exchange losses (2009 $3.1 million gain) and $5.7 million of realized and unrealized investment gains (2009 $4.8 million gain). Realized and unrealized losses included $3.0 million (2009 $4.3 million) of net realized gains from the fixed income maturities available-for-sale portfolio, $1.1 million (2009 ) of net realized gains from our fixed income maturities trading portfolio, $1.3 million (2009 $3.4 million) net unrealized gains from our fixed income maturities trading portfolio, a
charge of (2009 $2.9 million) for investments we believe to be other-than-temporarily impaired and $0.3 million (2009 ) representing our share of earnings from our investment in Cartesian Iris.
Dividends paid on our preference shares in the three months ended June 30, 2010 were $5.7 million (2009 $5.8 million). The reduction between the two periods is due to the repurchase and cancellation on March 31, 2009 of 2,672,500 of our 7.401% $25 liquidation preference shares.
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