Allied World Assurance Co. Holdings says second-quarter results were 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 same period.
Net realized investment losses for the quarter were $115.2 million, compared to a net gain of $8.7 million a year ago.
The Zug, Switzerland-based insurer reports good second-quarter underwriting results, with an 18.3 percent increase in gross premiums written to $765.2 million and a 17.5 percent jump on net premiums 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 were helped by $48.4 million in favorable reserve development during the quarter.
The company says it had no significant catastrophe losses for the quarter, or yet this year.
For the year, net income is down about 50 percent to $157.1 million.
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