Allied World Assurance Has Higher Profit

Allied World Assurance Has Higher Profit

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

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

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

The company's gross premiums written were $445.7 million in the second 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, an improvement over $75.9 million posted last year. The company's combined ratio for the last quarter was 85, slightly lower than the 85.8 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, terms and conditions of the current market," Mr. Morrison said.

Founded in November 2001, in the wake of the 9/11 terror attacks, Allied World Assurance offers P-C coverage in various areas, including heavy manufacturing, communication risks, inland marine and municipal/institutional exposures. The company also offers coverage for directors and officers liability, excess general liability, products liability and hospital professional liability.