Aspen Insurance Holdings Ltd. saw their profits soar by 13 percent this quarter, despite losing $23.5 million due to the damage caused by the UK floods last month.

Net income was recorded at $114.7m for the second quarter compared to $101.8m for the same time last year.

Earnings per share of $1.19 in 2007 versus $1.01 for the same period in 2006, were up 18 percent after payment of preference share dividends, while annual return on average equity for the quarter was 20.4 percent, equaling the return for last year's second quarter.

Book value per ordinary share was up by 21 percent $24.44 this quarter compared to $20.19 in 2006.

CEO Chris O'Kane said: "I am delighted to report another very strong quarter for Aspen this year.

"We reported a 21percent increase, year on year in book value per share and an annualised return on average equity of 20.4 percent for the quarter, which reflect strong performance across our underwriting segments and an increasing contribution from investment income. Our results this quarter and year to date clearly show the impact of the changes to our business in 2006 and the benefits of our targeted approach to managing our key performance levers."

Other highlights included a 58 percent increase in net investment income in the second quarter of 2007 to $78.8m from $49.9m last year.

Net earned premium also rose for the quarter to $451.2m against $429m in the same period in 2006.

• Aspen announced a quarterly cash dividend of 15 cents per share payable to its shareholders next month.