Aspen Insurance Holdings Ltd. enjoyed a good start to 2009, with profits up 12 percent for the first quarter.

The insurer's net income rose to $91.4 million or $1.18 per share for this year's first quarter to $81.2 million or 79 cents per share for the same period last year.

The company's combined ratio dropped to 84.5 percent from 85.4 percent for the corresponding period, while its gross premiums climbed to $636.8 million in Q1 2009 versus $596.2 percent in 2008, representing a rise of 6.8 percent

Chris O'Kane, CEO of Aspen, said: "We had a good first quarter with continued growth in book value per share of almost four percent since the end of 2008 and positive underwriting contributions from each of our four business segments. Aspen is well positioned to benefit from the improving rate environment in a number of our core lines of business. Our balance sheet remains strong and we will continue to focus on active deployment of our capital to those segments where we see most opportunity consistent with our diversified business model."

• Aspen Insurance Holdings Ltd. has appointed Peter O'Flinn to its Board of Directors in a non-executive capacity.