Bermudian-based Aspen Insurance Holdings Ltd has reported a net loss of $37.3 million for the six-month period ending June 30.

That result compares with a net income of $16.1 million for the same period a year ago.

Operating income after tax was $101.8 million, compared with $119.3 million for the six months of 2018.

Non-operating expenses in the first half of 2019 were $61.9 million compared with $21.2 million a year ago. Non-operating expenses included $43.9 million of expenses related to or triggered by the transaction with affiliates of certain investment funds affiliated with Apollo Global Management, LLC, $6 million of expenses related to its operational effectiveness and efficiency programme and $12 million of expenses in relation to severance, amortisation and other non-recurring costs.

The net loss, the company said, included $99.2 million of investment income, compared with $97.7 million year-on-year, and $27 million of net realised and unrealised foreign exchange losses compared with $22.1 million of net realised and unrealised foreign exchange losses in the first half of 2018.

Gross written premiums decreased by 5.9 per cent to $1.85 billion, while net written premiums increased by 7.6 per cent to $1.2 billion.

Mark Cloutier, chief executive officer of Aspen, said: “We continue to see improvement in our underwriting performance as a result of our focus on underwriting discipline and active management of the underwriting portfolio, which have been underpinned by improving market conditions.

“We have seen good results across both our insurance and reinsurance businesses and we are particularly encouraged by the strong improvement in the ex-cat accident year loss ratio from our continuing insurance lines at 55.4 per cent compared to 64.5 per cent from our total insurance book during the six months ended June 30, 2018.”

He added: “While we are seeing rate and terms improving in some classes, particularly where there has been substantial withdrawal of capacity, we will continue to approach a number of the specialty classes cautiously as evidenced in the 5.9 per cent reduction in gross written premium year-on-year.

“In my short period of time with Aspen, I have come to appreciate the depth of talent and experience in the group and firmly believe we can show the right combination of entrepreneurialism and discipline the current market conditions and trends demand of us in order to build a successful business into the future.”