Record results were the order of the day at Aspen Insurance Holdings, with the Bermuda-based re/insurance company posting new profit highs for the fourth quarter 2007 and the year.

The company boosted its net income by 29.3 percent for the year from $378.1 million to $489 million in 2006 and by 13.1 percent for the fourth quarter from $119.5 million or two years ago to $135.2 million last year.

Gross premiums written also rose from $286.9 million for the fourth quarter 2006 to $305 million for the corresponding period last year.

Meanwhile, assets under management increased to $5.9 billion at the end of 2007 from $5.2 billion for the same period in 2006.

Aspen also experienced limited catastrophe losses for 2007 of $77 million, including $18 million of losses resulting from the California wildfires in the fourth quarter.

And, having reported a $50-million share buyback in the third quarter, the company completed the final $50-million tranche of the $300-million programme in the fourth quarter.

Chris O'Kane, CEO of Aspen, said: "For the fourth quarter and full year 2007, Aspen delivered record net income and earnings per share.

"These outstanding results reflect that all areas of the company are executing in line with our strategy to diversify and leverage our underwriting platforms, and generate strong consistent results from our investment portfolio.

"We are well positioned for the softening markets in 2008 and expect to continue delivering value for our shareholders."