Allied World Writes $400 Million In Six Months
NU Online News Service, July 22, 4:04 p.m. EST?Allied World Assurance Holdings in Hamilton, Bermuda, picked up steam in the second quarter, putting $271 million in net written premiums on its books, bringing its writings for the year to nearly $400 million.
Today, the company, which began business when it was incorporated in Bermuda Nov. 13, 2001, also reported net income of $26.2 million for the second quarter and $44.0 million for the six months ended June 30, 2002.
"The momentum created in the first quarter of the year continued at an increasing pace in the second, commented President and Chief Executive Officer Michael I. D. Morrison in a statement. "With newly-hired employees supporting our established underwriters, we were able to maintain high quality service as an ever-increasing flow of submissions was received."
"Rate hardening continues as numerous insurers reduce their lines on many classes of business," he added. As the general capacity shortage continues, our ability to provide a market has been welcomed by insurance buyers and their representative brokers."
Gross premiums written were $278.5 million in the second quarter, and $405.2 million for the first six months.
Net premiums written in the quarter were $271.2 million, and for the first six months were $397.9 million.
Net investment income was $14.0 million in the quarter ended June 30, 2002, and $30.7 million in the six months ended June 30.
For the quarter, the company reported a combined ratio of 85.8.
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