Allied World Assurance Reports $26.2M in Net Income for 2ndQ

July 23, 2002

Bermuda-based Allied World Assurance Holdings, Ltd, has reported
net income of $26.2 million for the second quarter and $44.0 million for the
six months ended June 30, 2002.

Gross premiums written were $278.5 million in the second quarter of 2002.
For the six months ended June 30 gross premiums written were $405.2 million. Net premiums written in the quarter were $271.2 million and for the six months were $397.9 million. Net premiums earned in the quarter ended June 30 were $75.9 million. For the six months ended June 30 net premiums earned were $99.6 million. Net investment income was $14.0 million in the quarter and $30.7 million in the first six months.

Net loss and loss adjustment expenses incurred (including increases in
reserves for incurred but not reported losses) were $49.4 million in the quarter ended June 30, 2002 and $64.4 million for the six months ended June 30, 2002, representing loss ratios of 65.1 percent and 64.7 percent respectively.

The company’s combined ratio for the quarter was 85.8 percent and for the
six months to June 30, 2002 was 87.7 percent.

Net income, which includes $1.1 million of net realized gains was $26.2
million for the three months ended June 30, 2002 and $44.0 million,
including $0.7 million of net realized gains, for the first half of 2002.

On June 30, 2002 shareholders’ equity was $1,553 million, an increase of 4.2
percent over the $1,490 million reported at Dec. 31, 2001.

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