Allied World Assurance Co. Holdings says second-quarter resultswere in the red due to investment losses.
|Allied World reports a second-quarter net loss of $1.9 million,compared to a gain of $96.4 million a year ago during the sameperiod.
|Net realized investment losses for the quarter were $115.2million, compared to a net gain of $8.7 million a year ago.
|The Zug, Switzerland-based insurer reports good second-quarterunderwriting results, with an 18.3 percent increase in grosspremiums written to $765.2 million and a 17.5 percent jump on netpremiums written to $581.2 million.
|The combined ratio improved to 82.8 in the second quarter,compared to 85.1 during the same time last year. Results werehelped by $48.4 million in favorable reserve development during thequarter.
|The company says it had no significant catastrophe losses forthe quarter, or yet this year.
|For the year, net income is down about 50 percent to $157.1million.
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