Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 348

Allied World Reports 6.7% Growth in Diluted Book Value per Share with Strong First Quarter 2012 Results

Posted by fidest press agency su giovedì, 3 Maggio 2012

Zug, Switzerland, (PRNewswire) Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported net income of $218.2 million, or $5.70 per diluted share, for the first quarter of 2012 compared to net income of $8.6 million, or $0.21 per diluted share, for the first quarter of 2011. The company reported operating income of $91.5 million, or $2.39 per diluted share, for the first quarter of 2012, compared to an operating loss of $41.3 million, or $1.02 per diluted share, for the first quarter of 2011. President and Chief Executive Officer Scott Carmilani commented, “Allied World had a strong first quarter with gross premiums exceeding $680 million for the first time, an increase of over 21%, or $120 million, from the same quarter last year. This is a direct result of the investments we have made in underwriting talent and operating platforms during the last few years. Premiums in our reinsurance segment alone were up $97 million for the quarter, driven by our global marine and specialty unit that was launched in late 2010.”
Gross premiums written were $680.9 million in the first quarter of 2012, a 21.4% increase compared to $560.7 million in the first quarter of 2011. Net premiums written were $588.9 million in the first quarter of 2012, a 22.5% increase compared to $480.9 million in the first quarter of 2011. Net premiums earned in the first quarter of 2012 were $401.9 million, a 20% increase compared to $334.9 million in the first quarter of 2011.
The combined ratio was 85.2% in the first quarter of 2012 compared to 122.6% in the first quarter of 2011. The loss and loss expense ratio was 56.0% in the first quarter of 2012 compared to 90.9% in the first quarter of 2011. During the first quarter of 2012, the company recorded net favorable reserve development on prior loss years of $39.5 million. This favorable reserve development resulted in a benefit of 9.8 percentage points to the company’s loss and loss expense ratio for the quarter. This compares to the first quarter of 2011, when the company recorded net favorable reserve development on prior loss years of $44.3 million, a benefit of 13.2 percentage points to the company’s loss and loss expense ratio for that quarter. Absent these adjustments, the loss and loss expense ratio for the first quarter of 2012 was 65.8% compared to 104.1% for the first quarter of 2011. During the first quarter 2012, the company recorded no catastrophe losses related to 2012 events. The first quarter 2011 loss and loss expense ratio was impacted by $132.2 million of net losses, or 39.5 percentage points, from global catastrophe events during the quarter.
The company’s expense ratio was 29.2% for the first quarter of 2012 compared to 31.7% for the first quarter of 2011.

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