Insurer and reinsurer Aspen notched up profits of $96.5 million for the first quarter of the year.

The $1.36 per ordinary share profit is down $17.9 million on the $114.4 million recorded in the same period last year.

Chris O’Kane, chief executive officer of Aspen said: “Aspen recorded positive underwriting contributions from both our insurance and reinsurance businesses in the first quarter.

“At Aspen Insurance, we are focused on areas of expertise where we can provide our clients with the best service and capitalise on opportunities for profitable growth.

“Aspen Re’s diversified business model, strong client relationships and highly innovative solutions continue to provide a winning combination, resulting once again in strong results for the quarter.

“For the sixth consecutive year, and reflecting our continued confidence in Aspen’s future prospects, the Aspen board approved today an increase in the dividend on our ordinary shares.”

The quarterly payout rose 9 per cent to 24 cents per share.

Gross written premiums for insurance for the period amounted to $998 million, up 2.3 per cent on the $975.7 million recorded in the first quarter of 2016.

The reinsurance segment saw gross written premiums of $565.3 million, up 9.2 per cent on the $517.6 million posted for the same period last year.

Pre-tax catastrophe losses, net of reinsurance recoveries in insurance, totalled $4.5 million, mostly ascribed to weather-related incidents in the US.

In reinsurance, pre-tax catastrophe losses, net of reinsurance recoveries, amounted to $24.6 million for the quarter, attributed mostly to a tornado in Mississippi, Cyclone Debbie in Australia and other weather-related events.

Investment income in the first quarter of the year dropped 3.6 per cent to $47.7 million, compared to the $$9.5 million recorded for the first quarter of 2016.