Profits at insurance and reinsurance firm Aspen jumped to $355.8 million last year — up $26.5 million on 2013.

The figures came as the firm released its results for the last quarter and full year for 2014.

The company also recorded $2,902.7 million in gross written premiums — up almost ten per cent on the previous year.

Net income per share reached $4.82 for the year, compared to $4.14 per share for 2013.

Diluted book value per share was $45.13 at the end of 2014, up 10.3 per cent on the previous year.

Aspen CEO Chris O’Kane said: “Our performance — achieved despite a dynamic and competitive reinsurance market that has required constant strategic vigilance — reflects our deep client relationships and access to more attractively-priced business in reinsurance, as well as the continued successful built out of our US insurance teams and the innovative insurance solutions we offer our clients around the world.”

The firm’s insurance segment outstripped reinsurance for growth — up 14.4 per cent on 2013 in insurance, but 3.4 per cent in reinsurance compared to 2013.

Mr O’Kane said: “Our insurance business is reaping the benefits of prior investments. Our international business continues to service niche markets with close to $500 million of the business placed through our established Lloyd’s platform.”

Reinsurance arm CEO Stephen Postlewhite added that the segment had achieved “modest growth” at the start-of-the-year renewals season while maintaining underwriting discipline.

He said: “As a result of our client relationships and access to risk, we were able to withdraw capital from areas where rates and terms and conditions did not meet our requirements and deploy it in areas where the business was better rated.”

And Mr Postlewhite predicted that the Asian and Latin America markets would offer growth potential over the current year.