Bermuda-based Aspen Insurance Holdings reported net income for the first quarter of $85 million last week.

Aspen chief executive officer Chris O'Kane, in the company's first earnings report since its IPO on the New York Stock Exchange last December, said: "We had an outstanding quarter. Our well-rated portfolio continues to deliver strong returns and cash flow, starting us off on an excellent footing for 2004. I am confident that through our diversified portfolio, strong infrastructure and excellent people we can continue to extract the best possible returns," he said.

Aspen, a property and casualty re/insurance company formed in May, 2002, raised $236.8 million its IPO last year.

Aspen's operations are conducted through its wholly owned subsidiaries located in London, Bermuda and the United States through Aspen Insurance UK Ltd., Aspen Insurance Ltd. and Aspen Specialty Insurance Co. Aspen's reinsurance segment consists of property reinsurance, casualty reinsurance and specialty reinsurance lines of business. Aspen's insurance segment consists of commercial property insurance and commercial liability insurance lines of business.

The global company's principle operations are in the UK, and it offers surplus lines insurance in the United States.