Allied World Assurance Holdings, Ltd, the new Bermuda-based insurer established last November by AIG, Chubb, Goldman Sachs and other investors, reported that its net operating income was $18.3 million for the quarter ended March 31, 2002.
“Gross and net premiums written in the first quarter of 2002 were $126.6 million. Net premiums earned in the quarter were $23.7 million. Net investment income was $16.8 million. Net loss and loss adjustment expenses incurred (including increases in reserves for incurred but not reported losses) in the quarter were $15.0 million and represented a loss ratio of 63.3%,” said the company’s announcement.
Commenting on the results, President and CEO Michael I. D. Morrison, observed that “the premiums written by Allied World in its first full quarter of operation reflect its acceptance by the insurance brokerage community and corporate buyers as a financially strong and capable provider of a broad range of insurance coverages.”
He noted that Allied World continued to expand its staff, with the goals of providing “capacity where most needed, maintaining “high levels of service, while supporting “improving market conditions in terms of both pricing and coverage.”
“Our market acceptance, strong financial position, A M Best rating of A+ (Superior), willingness to entertain a broad category of risks and ability to provide a professional underwriting approach bodes well for the future,” Morrison concluded.