Aspen Insurance Holdings Ltd. posted a record net income of $144.7 million for the third quarter of 2009 as a result of a quiet hurricane season and improving investments.

Its profits rose from a $126.1 million net loss after tax, while net investment income climbed 205.2 percent to $58.9 million in the third quarter from $18.3 million for the same period in 2008.

Book value per share on a diluted basis of $33.07 also increased by 26.2 percent versus September 30, 2008 and by 17.7 percent since December 31, 2008, as a result of $291 million of retained income and a $130.4 million increase in unrealised gains, net of tax, from the fixed income investment portfolio generated during 2009.

Gross written premiums were up 11.1 percent to $490.3 million from $441.3 million over the respective period.

Chris O'Kane, CEO of Aspen, said: "I am delighted to report record earnings for the quarter of $145 million which reflect both a benign period for cat losses and the welcome improvement in investment markets.

"Our combined ratio for the quarter was 80.3 percent reflecting particularly strong performance from our property reinsurance segment.

"The book yield on our investment portfolio has held well at 4.4 percent and unrealised gains for the quarter increased by just over $107 million from the half year stage.

"Such good results, however, could lead to even greater challenges for 2010. Responsible underwriting remains the watchword and we continue to manage our business with consideration of both risk and opportunity in equal measure."

The combined ratio - the percentage of premium dollars spent on claims and expenses - for the property reinsurance segment of the company was 58.1 percent for the third quarter compared with 146 percent in the same period in 2008, driven by the absence of any catastrophic events, as opposed to the third quarter of 2008 being dominated by Hurricane Ike losses.

The combined ratio for the international insurance segment was 89.8 percent for the third quarter of 2009, a significant improvement from 119.4 percent for the same period last year.