As consolidation in the reinsurance industry accelerates, Aspen Insurance Holdings Ltd. offers a study in contrasts.

The Bermuda-based insurer and reinsurer fought off an aggressive takeover bid nearly a year ago from archrival Endurance Specialty Holdings Ltd, arguing it was better off on its own. Its 2015 first-quarter results support CEO Chris O’Kane’s strategy of going it alone.

O’Kane touted the numbers in prepared remarks, terming the results as showing “an enviable growth rate with continued improvement in profitability.”

He said Aspen’s bullish reinsurance business results reflect having “access to many of the most sought after risks,” and that the company overall in the first quarter was “running on all cylinders.” As well, risk diversification also helped, according to O’Kane.

Consider: Net income for the quarter is booked at $128 million, or $1.87 in diluted net income per share. In the 2014 first quarter, net income reached $120.4 million, or $1.66 in diluted net income per share.

Gross written premiums reached $919.2 million during Q1, versus $855.5 million over the same period last year. Net written premiums were $763.2 million, up from $697.5 million in the 2014 first quarter. As well, net earned premiums are booked at $593.6 million, compared to $566.5 million a year ago.

Aspen’s combined ratio for Q1 is 88.9. That’s a slight uptick from 87.6 in the 2014 first quarter, but still a favorable number.

Here are some details of Aspen’s results by segment.

Insurance:

Gross written premiums for the quarter are $434.4 million, 13.3 percent higher than $383.3 million in the 2014 first quarter. The segment produced a combined ratio of 93.5 (versus 95.1 last year). As well, it had $14.3 million in favorable reserve development compared to last year’s $7 million in the 2014 first quarter. Premium growth came from areas including U.K. regional property and liability packages, political risks and environmental liability.

Reinsurance:

Gross written premiums came in at $484.8 million, versus $472.2 million in the 2014 first quarter. The segment also produced a combined ratio of 76.7, compared to 72.6 over the same period last year. There was also $13.2 million in prior year favorable reserve development, as opposed to $21.2 million in the 2014 first quarter. Much of the growth came from emerging markets including Asia Pacific and Latin America.

Source: Aspen Insurance Holdings Ltd.