Allied World Assurance Company Holdings (AWH) has registered net income of $159m, or $4.49 per diluted share, for the first quarter of 2013, against $218.2m, or $5.70 per diluted share, during the year ago period.
For the quarter period ended on 31 March, its operating income stood at $84.2m, or $2.38 per diluted share, compared to $91.5m, or $2.39 during the corresponding period earlier year.
Allied World Assurance Company Holdings president and chief executive officer Scott Carmilani said that the firm witnessed growth across its international segment, driven by business lines including healthcare and general casualty.
"In our reinsurance business, we benefitted from our investment into new business lines, including crop and had a successful January 1 renewal season, constructing an attractive portfolio of business," Carmilani added.
Gross premiums written stood at $837.1m in the first quarter of 2013, up by 22.9% versus $680.9m, while net premiums written were $695.1m, an 18% increase compared to $588.9m, during the comparable period last fiscal.
The combined ratio was 85.1% in the first quarter of 2013 compared to 85.2%, while the total return on the company's investment portfolio was 1.3% compared to 2%.
Founded in 2001, Allied World Assurance Company provides an assortment of insurance and reinsurance services to a global clientele and has offices in Atlanta, Bermuda, Boston, Chicago, Dublin, Farmington, London, New York, San Francisco and Zug.
