Allied World swings to Q2 profit, but misses estimates

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.

By Kelly Gilblom, Bloomberg | Updated on July 24, 2014

(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.

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