Bermuda-based Allied World Assurance Holdings, Ltd reported net income of $55.8 million for the first quarter, compared to $17.8 million for the first quarter last year. Allied World Assurance Holdings, Ltd was incorporated in Bermuda on Nov. 13, 2001. The quarter ended March 31, 2002 represented the company’s first full quarter of operation.
President and CEO Michael Morrison noted, “Allied World has had a very successful first quarter in its second full year of operation. Our market acceptance, strong financial position, experienced underwriters and disciplined underwriting approach have created a solid foundation for the company’s ongoing success. Our strong premium growth and increasing profitability evidence the momentum that we have achieved. The demand for high quality capacity remains strong and we continue to see increasing opportunities to obtain business at more favorable terms, conditions and rates than in the past.”
Gross premiums written were $393.4 million in the first quarter 2003, compared to gross written premium of $126.6 million in the first quarter 2002. Net premiums written in the first quarter 2003 were $374.9 million compared to $126.6 million in the same period last year. Net premiums earned in the quarter were $237.8 million, and $23.7 million in the quarter ended March 31, 2002. Net investment income in the quarter ended March 31, 2003 was $27.4 million, and $18.0 million in the quarter ended March 31, 2002.
Net loss and loss adjustment expenses incurred (including increases in reserves for incurred but not reported losses) were $163.6 million in the quarter ended March 31, 2003 and $15.0 million in the quarter ended March 31, 2002, representing loss ratios of 68.8 percent and 63.3 percent, respectively.
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