Allied World Insurance Company Holdings Ltd. reported this week its net income rose 14 percent for the first quarter.
The Bermuda-based reinsurer reported net income of $113.9 million, compared to $98.1 million or for the first quarter of 2006.
Gross premium written for the quarter declined 12 percent to $438.4 million, while net written premium dipped 16 percent to $357.8 million.
The combined loss ratio improved six points to 79.7.
Bank of America Securities property casualty analyst Kevin O'Donoghue said operating results beat his estimates by 59 cents and consensus by 39 cents.
In terms of underwriting, the company produced a combined ratio 11 points better than Bank of America expected, which may have resulted from lower than expected catastrophe results, although that number was not released.
The accident year loss ratio, which Mr. O'Donoghue termed a better measure of underwriting profitability, came in at 67 percent, compared to his estimate of 75.6 percent.
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