Allied World Assurance Has Higher Profit

|

NU Online News Service, July 28, 3:07 p.m.EDT?Allied World Assurance Holdings, a Bermuda-basedproperty-casualty insurer, posted a $73.8 million second-quarterprofit, nearly tripling the $26.2 million in income posted one yearago.

|

Michael Morrison, chief executive officer at Allied WorldAssurance, said the company has experienced strong growth in 2003,more than doubling its production over the first half of lastyear.

|

"We have achieved continued growth by applying our availablecapacity in all areas in which we specialize, where the need forquality coverage continues unabated," Mr. Morrison said.

|

The company's gross premiums written were $445.7 million in thesecond quarter, compared with $278.5 million reported one year ago.Net premiums written also rose, to $390.3 million, compared to$271.2 million from the 2002 second quarter.

|

Net premiums earned for the quarter were $281.7 million, animprovement over $75.9 million posted last year. The company'scombined ratio for the last quarter was 85, slightly lower than the85.8 level of a year ago.

|

"Our strong financial position and experienced underwriters,together with dedicated support staff producing quality service,enables us to reap the benefit of the more realistic rates, termsand conditions of the current market," Mr. Morrison said.

|

Founded in November 2001, in the wake of the 9/11 terrorattacks, Allied World Assurance offers P-C coverage in variousareas, including heavy manufacturing, communication risks, inlandmarine and municipal/institutional exposures. The company alsooffers coverage for directors and officers liability, excessgeneral liability, products liability and hospital professionalliability.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
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.