Aspen Insurance Holdings Ltd. (AHL, Financial) filed Quarterly Report for the period ended 2010-09-30.
Aspen Insurance Holdings Ltd. has a market cap of $2.24 billion; its shares were traded at around $29.19 with a P/E ratio of 8.5 and P/S ratio of 1.2. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.1%.AHL is in the portfolios of David Einhorn of Greenlight Capital Inc, Donald Smith of Donald Smith & Co., Donald Smith of Donald Smith & Co., David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Richard Snow of Snow Capital Management, L.P., NWQ Managers of NWQ Investment Management Co, Jeremy Grantham of GMO LLC, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
The $50.4 million variance is mainly due to a reduction in the size of reserve releases from the reinsurance segment compared to the third quarter in 2009 in particular from our other property reinsurance and casualty reinsurance divisions. The insurance reserve strengthening in the third quarter of 2010, of $9.5 million is mainly attributable to adverse development in our financial and professional lines while in the third quarter of 2009 we recognized a $11.0 million reserve release due to favorable experience across a number of lines. Further information relating to the movement of prior year reserves can be found below under Reserves for Loss and Loss Adjustment Expenses.
Change in fair value of derivatives. In the three months ended September 30, 2010, we recorded a reduction of $1.7 million (2009 $2.0 million reduction) in the estimated fair value of our credit insurance contract including an interest expense credit of $0.2 million (2009 charge of $0.2 million) and a charge of $2.1 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 September 30, 2010 included $3.4 million of foreign currency exchange gains. Realized and unrealized gains included $8.2 million (2009 $9.3 million) of net realized gains from the fixed income maturities available-for-sale portfolio, $4.5 million (2009 $0.8 million) of net realized gains from our fixed income maturities trading portfolio, $8.5 million (2009 $5.2 million) of net unrealized gains from our fixed income maturities trading portfolio, a charge of (2009 $1.8 million) for investments we believe to be other-than-temporarily impaired and $0.9 million (2009 $1.1 million) representing our share of earnings from our investment in Cartesian Iris.
As at September 30, 2010, our subsidiaries held $848.8 million (December 31, 2009 $701.5 million) in cash and cash equivalents that are readily realizable securities. Management monitors the value, currency and duration of the cash and investments within its Insurance Subsidiaries to ensure that they are able to meet their insurance and other liabilities as they become due and was satisfied that there was a comfortable margin of liquidity as at September 30, 2010 and for the foreseeable future.
As of September 30, 2010, we had in issue $504.2 million in letters of credit to cedants, for which the Company had funds on deposit of $734.2 million as collateral for the secured letters of credit. Further information relating to letters of credit is found below under Liquidity.
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Aspen Insurance Holdings Ltd. has a market cap of $2.24 billion; its shares were traded at around $29.19 with a P/E ratio of 8.5 and P/S ratio of 1.2. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.1%.AHL is in the portfolios of David Einhorn of Greenlight Capital Inc, Donald Smith of Donald Smith & Co., Donald Smith of Donald Smith & Co., David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Richard Snow of Snow Capital Management, L.P., NWQ Managers of NWQ Investment Management Co, Jeremy Grantham of GMO LLC, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
The loss ratio for the quarter of 63.3% has increased by 13.4 percentage points compared to the third quarter of 2009. The increase is due mainly to $6.2 million of prior year reserve strengthening in the current quarter compared with $44.2 million of reserve releases in the third quarter of 2009. Reserve releases in our reinsurance segment reduced from $33.2 million in the third quarter of 2009 to $3.3 million in the current period. The $29.9 million change in reserve releases in this segment from the prior year is equivalent to an 11.2 percentage point reduction in the current year loss ratio. The insurance segment had a $9.5 million reserve strengthening this quarter compared to an $11.0 million release in the third quarter of 2009. The $20.5 million variance is equivalent to an 11.1 percentage points increase in the insurance segment loss ratio for the third quarter of 2010.The $50.4 million variance is mainly due to a reduction in the size of reserve releases from the reinsurance segment compared to the third quarter in 2009 in particular from our other property reinsurance and casualty reinsurance divisions. The insurance reserve strengthening in the third quarter of 2010, of $9.5 million is mainly attributable to adverse development in our financial and professional lines while in the third quarter of 2009 we recognized a $11.0 million reserve release due to favorable experience across a number of lines. Further information relating to the movement of prior year reserves can be found below under Reserves for Loss and Loss Adjustment Expenses.
Change in fair value of derivatives. In the three months ended September 30, 2010, we recorded a reduction of $1.7 million (2009 $2.0 million reduction) in the estimated fair value of our credit insurance contract including an interest expense credit of $0.2 million (2009 charge of $0.2 million) and a charge of $2.1 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 September 30, 2010 included $3.4 million of foreign currency exchange gains. Realized and unrealized gains included $8.2 million (2009 $9.3 million) of net realized gains from the fixed income maturities available-for-sale portfolio, $4.5 million (2009 $0.8 million) of net realized gains from our fixed income maturities trading portfolio, $8.5 million (2009 $5.2 million) of net unrealized gains from our fixed income maturities trading portfolio, a charge of (2009 $1.8 million) for investments we believe to be other-than-temporarily impaired and $0.9 million (2009 $1.1 million) representing our share of earnings from our investment in Cartesian Iris.
As at September 30, 2010, our subsidiaries held $848.8 million (December 31, 2009 $701.5 million) in cash and cash equivalents that are readily realizable securities. Management monitors the value, currency and duration of the cash and investments within its Insurance Subsidiaries to ensure that they are able to meet their insurance and other liabilities as they become due and was satisfied that there was a comfortable margin of liquidity as at September 30, 2010 and for the foreseeable future.
As of September 30, 2010, we had in issue $504.2 million in letters of credit to cedants, for which the Company had funds on deposit of $734.2 million as collateral for the secured letters of credit. Further information relating to letters of credit is found below under Liquidity.
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