Bermuda company Aspen Insurance Holdings Ltd. fourth-quarter profits nearly tripled, as the company announced record full-year earnings of $378.1 million last night.

Net income was $119.5 million for the last three months of 2006, or $1.20 per share. Full-year profit broke down to $3.75 per share.

Chris O?Kane, Aspen?s chief executive officer, said: ?The net income we achieved in the final quarter of 2006 is the highest of any quarter in the history of Aspen and contributed to a record full-year result.

?I am particularly pleased that we achieved these results in a transitional year, where we reduced catastrophe exposures by about 50 percent while maintaining significant retrocessional spend.

?This underscores the strengths of our diversified business model and is highly encouraging for 2007 and beyond.?

Aspen is a holding company, established in June 2002, that provides property and casualty reinsurance in the global market.

It also runs property and liability insurance lines, principally in the UK and the US, and specialty insurance and reinsurance consisting mainly of marine and energy and aviation world-wide.

Net investment income in the fourth quarter of 2006 increased by 59.5 percent to $62.7 million, compared to the fourth quarter of 2005, and was up 68.5 percent to $204.4 million for the full year, versus $121.3 million for 2005.

The combined ratio for the quarter was 76.8 percent versus 104.8 percent for the same quarter in 2005. For the full year, the 2006 combined ratio was 82.4 percent compared to 117.2 pecrent for 2005.