Business Briefs: Insurers report profits

Aspen Insurance Holdings Limited  reported net income after tax of $130.8 million, or $1.82 diluted net income per share, for the quarter ended June 30, 2014.

Chris O’Kane, CEO, said: “Aspen’s strong, high-quality results for the second quarter and first half of 2014 demonstrate the benefits of the investments we have made in our business, our operating focus and our successful strategy to manage a dynamic market.” 

Everest

Everest Re Group, Ltd. reported second quarter 2014 net income of $290.2 million, or $6.26 per diluted common share, compared to net income of $275.6 million, or $5.56 per diluted common share, for the second quarter of 2013. After-tax operating income, excluding realized capital gains and losses, was $250.8 million, or $5.41 per diluted common share, for the second quarter of 2014, compared to after-tax operating income of $253.2 million, or $5.10 per diluted common share, for the same period last year. 

Nabors

Nabors Industries Ltd. reported its financial results for the second quarter of 2014.  Operating revenues and earnings from unconsolidated affiliates for this quarter totalled $1.62 billion, compared to $1.50 billion in the same quarter of the prior year and $1.59 billion in the first quarter of 2014.  Net income from continuing operations was $65.7 million or $0.21 per diluted share, compared to $28.1 million or $0.08 per diluted share in the second quarter of 2013 and $49.0 million or $0.16 per diluted share in the first quarter of 2014. 

Syncora

At Syncora Holdings Ltd.’s AGM , Thomas Norsworthy, Coleman Ross and Robert Shippee were re-elected to serve on the company’s board of directors.  Each will serve as a Class II Director for a further three-year term of office.  PricewaterhouseCoopers LLP was selected as the company’s accounting firm. 

BAS

Bermuda Aviation Services Limited announced it has repurchased 152,790 of its shares from the BAS Pension Plan Trust. This transaction settles on July 25, 2014 and the shares were acquired for $3.21 per share. In December 2013, BAS decided that it no longer wished to be exposed to the risk that was presented by its defined benefit pension plan. Therefore, the company devised a strategy to wind up the defined benefit plan.