One of Bermuda’s newer insurers, Allied World Assurance Holdings, Ltd., is doing very well. It reported net income of $71.6 million for the third quarter 2003, compared to $40.9 million for the third quarter last year.
Net income for the nine months ending September 30, 2003 also rose to $201.2 million, compared to $84.9 million for the same period last year.
Allied reported other significant earnings figures as follows:
“Gross premiums written were $417.3 million in the third quarter 2003, a 50% increase over the same period in 2002. For the nine months ended September 30, 2003, gross written premiums increased 84% over the same period last year, to $1.25 billion.
“Net premiums earned in the quarter were $322.6 million, and $136.0 million in the quarter ending September 30, 2002; net premiums earned in the nine months ending September 30, 2003 were $842.1 million, compared to $235.6 million in 2002.
“Net loss and loss adjustment expenses incurred (including increases in reserves for incurred but not reported losses) were $218.3 million in the quarter ended September 30, 2003, and $101.3 million in the same quarter last year, representing loss ratios of 67.7% and 74.5%, respectively. Net loss and loss adjustment expenses incurred were $573.3 million in the nine months ended September 30, 2003, and $165.7 million in the same period 2002, representing loss ratios of 68.1% and 70.3%, respectively.”
President and CEO Michael I. D. Morrison commented, “Allied World continues to produce exceptional growth and earnings. We are pleased to report $1.25 billion in gross written premium through the third quarter of this year, passing the $1 billion milestone in annual gross written premium in our second full year of operation. Allied’s strong financial rating, market acceptance and dedication to customer service has been instrumental in building this successful franchise.
“Allied has now fully launched a new reinsurance company based in Dublin and established a London branch of our Irish direct insurance company. We are well positioned for growth in the EU markets.” He continued “Our disciplined underwriting approach continues to be clearly reflected in our results. Strong third quarter results and a combined ratio year to date of 86.7% reflect our commitment to quality underwriting and prudent expense management.”
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