Aspen Insurance Holdings achieved a profit of $128 million in the first quarter of this year, up from the $120.4 million reported over the same period last year,

the Bermuda-based insurance and reinsurance company has reported net income of $1.87 per share, compared to $1.66 in the first quarter of 2014.

“Overall, I would characterise Aspen in the first quarter as running on all cylinders. As we move forward in 2015, we will remain sharply focused on driving operating return on equity and book value growth,” said chief executive officer Chris O’Kane.

“In the first quarter of 2015, Aspen continued to execute on its strategic growth plan achieving a book value of $46.02 and an annualised operating return on equity of 12.4 per cent. We continue to see the results of our diversified strategy across insurance and reinsurance, and across property, casualty, and financial risks, executed on a broad geographical basis.

“I am particularly pleased with our Insurance performance which shows an enviable growth rate with continued improvement in profitability. Our Reinsurance business has access to many of the most sought after risks as a result of our deep client relationships, thoughtful approach, ability to provide creative solutions to our clients, and excellent execution.”

Aspen’s gross written premiums for the quarter were $919.2 million, up 7.4 per cent, while the combined ration was 88.9 per cent compared to 87.6 per cent a year ago. Net income return on equity was 16.4 per cent.