Aspen Insurance Holdings Ltd. (AHL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Aspen Insurance Holdings Ltd. has a market cap of $2.06 billion; its shares were traded at around $26.2 with a P/E ratio of 6.6 and P/S ratio of 1.2. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.3%.AHL is in the portfolios of David Einhorn of Greenlight Capital Inc, David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Richard Snow of Snow Capital Management, L.P., Third Avenue 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, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Reserve releases in the current quarter have increased by $3.1 million due mainly to a reduction in reserve strengthening in the insurance segment compared to the first quarter in 2009. Reinsurance reserve releases were $15.1 million due to favorable claims development in both our property and specialty reinsurance lines compared with $15.8 million of reserve releases in the first quarter of 2009. Our insurance segment has seen net reserve strengthening of $2.2 million as a result of adverse loss experience in global excess casualty line which was partially offset by reserve releases across many other lines of business, most notably in aviation. Further information relating to the movement of prior year reserves can be found below under Reserves for Loss and Loss Adjustment Expenses.
Net investment income. Despite an increase in the investment portfolio of $580.1 million, a lower interest rate environment produced a net investment income result of $59.4 million in line with the same period last year (2009 $59.2 million). Investment income in the first quarter of 2009 benefited from $4.0 million of gains from our investment in funds of hedge funds.
Change in fair value of derivatives. In the three months ended March 31, 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 $0.1 million). 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 March 31, 2010 included $1.5 million of foreign currency exchange gains (2009 $2.3 million gain) and $12.3 million of realized and unrealized investment gains (2009 $12.2 million loss). Realized and unrealized losses included $9.0 million (2009 $2.5 million) of net realized gains from the fixed income maturities available-for-sale portfolio, $1.2 million (2009 ) of net realized gains from our fixed income maturities trading portfolio, $2.2 million (2009 $0.5 million) net unrealized gains from our fixed income maturities trading portfolio, a charge of $0.3 million (2009 $15.2 million) for investments we believe to be other-than-temporarily impaired and $0.2 million (2009 ) representing our share of earnings from our investment in Cartesian Iris.
Dividends paid on our preference shares in the three months ended March 31, 2010 were $5.7 million (2009 $6.9 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 $2.06 billion; its shares were traded at around $26.2 with a P/E ratio of 6.6 and P/S ratio of 1.2. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.3%.AHL is in the portfolios of David Einhorn of Greenlight Capital Inc, David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Richard Snow of Snow Capital Management, L.P., Third Avenue 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, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
The loss ratio for the quarter of 81.0% has increased by 24.9 percentage points compared to the first quarter of 2009 mainly in our reinsurance segment due to $122.4 million of losses resulting from the Chilean earthquake. In the first quarter of 2009, losses associated with catastrophic events were not significant at $3.0 million associated with European windstorm Klaus. Reserve releases in the quarter were $12.9 million compared with $9.8 million in the first quarter of 2009.Reserve releases in the current quarter have increased by $3.1 million due mainly to a reduction in reserve strengthening in the insurance segment compared to the first quarter in 2009. Reinsurance reserve releases were $15.1 million due to favorable claims development in both our property and specialty reinsurance lines compared with $15.8 million of reserve releases in the first quarter of 2009. Our insurance segment has seen net reserve strengthening of $2.2 million as a result of adverse loss experience in global excess casualty line which was partially offset by reserve releases across many other lines of business, most notably in aviation. Further information relating to the movement of prior year reserves can be found below under Reserves for Loss and Loss Adjustment Expenses.
Net investment income. Despite an increase in the investment portfolio of $580.1 million, a lower interest rate environment produced a net investment income result of $59.4 million in line with the same period last year (2009 $59.2 million). Investment income in the first quarter of 2009 benefited from $4.0 million of gains from our investment in funds of hedge funds.
Change in fair value of derivatives. In the three months ended March 31, 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 $0.1 million). 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 March 31, 2010 included $1.5 million of foreign currency exchange gains (2009 $2.3 million gain) and $12.3 million of realized and unrealized investment gains (2009 $12.2 million loss). Realized and unrealized losses included $9.0 million (2009 $2.5 million) of net realized gains from the fixed income maturities available-for-sale portfolio, $1.2 million (2009 ) of net realized gains from our fixed income maturities trading portfolio, $2.2 million (2009 $0.5 million) net unrealized gains from our fixed income maturities trading portfolio, a charge of $0.3 million (2009 $15.2 million) for investments we believe to be other-than-temporarily impaired and $0.2 million (2009 ) representing our share of earnings from our investment in Cartesian Iris.
Dividends paid on our preference shares in the three months ended March 31, 2010 were $5.7 million (2009 $6.9 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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