Allied World Assurance Co. Holdings' CEO Scott Carmilani says the company is off to a strong start for 2013 despite first-quarter net income dropping 27 percent.
The Zug, Switzerland-based insurer and reinsurer reports first-quarter net income dropped $59 million to $159 million even though gross premiums increased 23 percent to $837 million. Revenues were off 1 percent to $576 million, hurt by net investment gains dropping 40 percent to $79 million.
The company also reports total expenses were up 15 percent to $412 million.
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