Chris O’Kane, chief executive officer of Bermuda-based global property/casualty insurer Aspen Insurance Holdings, believes his firm will be able to boost its premiums and profits with the set up a new insurance unit to Dublin

The company, which has offices on the corner of Church Street and Par-La-Ville Road, announced earlier this month it is establishing a unit to write global excess casualty insurance from Dublin, underlining the appeal of the Irish capital as a financial services centre.

Aspen’s Dublin-based underwriting team will concentrate on construction and global risk-managed programs. It will be headed by veteran excess casualty underwriter Bob Patten, who will join Aspen on November 15.

It has also applied to the UK Financial Services Authority for permission to set up the Irish operation under a European passport.

London-based Mr. O’Kane said Dublin and Bermuda offer the strongest locations for excess casualty.

Dublin offered a good location, Mr. O’Kane said, “particularly as the business has a European flavour.”

“It’s either the Bermuda marketplace or the Dublin marketplace,” he said. “Hence we chose Dublin.”

Dublin could develop into a “significant contributor” to Aspen’s premiums and profit in coming years, Mr. O’Kane said.

While Aspen does not expect much from Dublin in 2008, he added, it could be generating $100 million (€70.53 million) to $200 million in annual premiums in three to four years and beyond.

Aspen, which has not previously operated from Dublin, writes marine, construction and general liability primary cover from London.

“It’s a fit or a natural extension to something that we’re already doing in London,” Mr. O’Kane said.

Over the past 10 years, Dublin has become increasingly important as an international insurance and financial services centre, he said.

Aspen offers insurance and reinsurance in the UK and beyond. It also has operations in France, Switzerland and the United States.

Aspen’s subsidiary Aspen Re announced the beginning of its continental European operations in June, to be followed by the opening of a European reinsurance office in Zurich, Switzerland.

Over the next two years, it expects employment at the Zurich branch to rise to about 20.

In the first six months of 2006, Aspen Insurance Holdings had net income of $236.6 million and gross written premiums of $1.1 billion.

Total assets stood at $7.1 billion at the end of that period. Net written premiums were down 16.3 percent to $418.5 million.

Aspen Insurance has a current Best’s Financial Strength Rating of A- (excellent).