Bermuda- based Allied World Assurance Holdings (AWAC) reported net income of $89.4 million for the first quarter 2004, compared to $55.8 million for the first quarter of 2003.
Highlights of the company’s report included the following:
— Gross premiums written were $499.8 million in the first quarter 2004, a 27 percent increase over the same period in 2003.
— Net premiums written in the first quarter 2004 were $430.3 million compared to $374.9 million in the same period last year.
— Net premiums earned in the current quarter were $337.8 million, and $237.8 million in the quarter ended March 31, 2003.
— Net investment income in the quarter ended March 31, 2004, was $33.6 million, and $27.4 million in the quarter ended March 31, 2003.
— Net loss and loss adjustment expenses incurred (including increases in reserves for incurred but not reported losses) were $224.5 million in the quarter ended March 31, 2004, and $163.6 million in the same quarter last year, representing loss ratios of 66.4 percent and 68.8 percent, respectively.
— Acquisition costs and general and administrative expenses totaled $69. 3 million in the quarter ended March 31, 2004, and $48.7 million in the quarter ended March 31, 2003, representing expense ratios of 20.5 percent for both quarterly periods.
— The Company’s combined ratio for the quarter ended March 31, 2004, was 86.9 percent, and for the quarter ended March 31, 2003, was 89.3 percent.
— Net income, which includes $10.6 million of net realized investment gains, was $89.4 million for the three months ended March 31, 2004, compared to $55.8 million in the same period 2003, which included $4.1 million of net realized investment gains.
— At March 31, 2004, shareholders’ equity was $2.09 billion, compared to $1.98 billion reported at December 31, 2003.
President and CEO Scott Carmilani commented: “We are very pleased with AWAC’s continued growth and profitability. In our first two years, we have built an exceptional team and an outstanding reputation for service and responsiveness. In markets characterized by a high degree of competition, AWAC excels because we have developed a flexible insurance platform that responds quickly to changes in market conditions. Our hard- earned reputation for quality service and superior financial strength position us very well in the current environment.”
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