Aspen Insurance has suffered a net loss of $US37.3 million ($55 million) and a near 6% decline in gross written premium over the last six months, compared to the previous corresponding period.

GWP declined to $US1.85 billion ($2.72 billion), from $US1.97 billion ($2.90 billion) the first half of last year. Its loss ratio rose from 58.9% last year to 60.7% in the first six months of this year. Aspen’s net income was $US16.1 million ($23.75 million).

The insurer’s ex-cat accident year loss ratio has improved from 62.5% in the first half of last year to 58.7%.

“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 lines cautiously,” CEO Mark Cloutier said.