Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Aspen Insurance Holdings (NYSE: AHL) plunged 9.4% in intraday trading today, after it and other insurers reported disappointing quarterly results.

So What: Aspen's quarterly operating profit plunged 45% from this time last year, as the company displayed weakness in its reinsurance business. Aspen wasn't alone in disappointing investors; Allstate (NYSE: ALL) and PMI Group (NYSE: PMI) shares also plunged today.

Now What: Sometimes misery loves company in industry sectors; that seems to be the case for Aspen and some of its peers. After such a drubbing, and with a single-digit price-to-earnings ratio, this stock may now be more enticing to investors. However, it's important to weigh whether its growth will remain challenged for a while. In that case, there's no hurry to snap up shares of the insurer.

Interested in more info on Aspen Insurance Holdings? Add it to your watchlist here.

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Alyce Lomax does not own shares of any of the companies mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.