(Bloomberg) — Allied World Assurance Co., the seller of aviation and environmental insurance, fell the most since February as second-quarter profit missed analysts’ estimates amid a decline in sales.

Allied plunged 4.3% to $37.04 at 11:06 a.m. in New York. The stock has dropped 1.5% this year, compared with the 7.5% increase of the Russell 1000 Index.

Operating income was 76 cents a share, missing by 8 cents the average estimate of 9 analysts surveyed by Bloomberg. Net policy sales fell 4.7% to $553.9 million as a decline at the reinsurance unit overwhelmed gains from the U.S. and international insurance segments, the Zug, Switzerland-based company said in a statement late yesterday.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.