Aspen Insurance Holdings Ltd’s profits plunged almost $100 million during the second quarter of 2011, including $65 million of losses stemming from natural catastrophes.The company posted net income of $10.2 million versus $108.9 million for the year prior.Operating income was $31.9 million or 36 cents per share in the second quarter, beating Bloomberg analysts’ estimates of 21 cents per share, compared with $105 million or $1.23 per share for the same period in 2010.Book value per share was $37.43 at June 30, 2011, an increase of 1.3 percent compared to June 30, 2010.“Our performance in the second quarter of 2011 reflects the continued successful execution of our diversified business strategy,” said Chris O’Kane, CEO of Aspen.“These positive results were achieved despite above average levels of natural catastrophes, low investment yields, and varied market conditions. We are seeing signs of improving market conditions, which have been most pronounced in the property reinsurance markets.“Aspen’s strong balance sheet and dexterous capital allocation process gives us the flexibility to appropriately direct resources to business lines benefiting from the most favourable market conditions.”l Aspen has announced that Matthew Botein has stepped down from the board of directors.Mr Botein, who is managing director and head of BlackRock Alternative Investors, has decided to step down due to increased professional commitments at BlackRock. He was a director of Aspen representing the interests of Blackstone, a founding investor, from the company’s formation until 2003.Mr Botein rejoined Aspen’s board on July 25, 2007, and has been a member of the compensation committee, the investment committee and the corporate governance and nominating committee.