Earnings Reports: Allied World, Endurance Specialty, RenaissanceRe

By | May 3, 2012

Selected earnings highlights from Allied World Assurance for the first quarter of 2012 are as follows:
Q1 2012 Q1 2011
Gross premiums written ———— $680.292 mn $560.688 mn
Net premiums written ————— $588.953 mn $480.871 mn
Net premiums earned ———– $401.89 mn $334.876 mn
Net income —————————- $218.156 mn $8.62 mn
Operating income (loss) ———— $91.5 mn ($41.3 mn)
Net realized investment gains ——– $133.6 mn $50.4 mn
Net investment income —————- $47.2 mn $50.2 mn

Q1 combined ratio (non-life) – 85.2 percent (122.6 percent in Q1 2011)

President & CEO 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 percent, 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.

“The company is operating with significant positive momentum in all aspects of our business. The company generated $218 million of net income for the quarter, benefited significantly from gains across our investment portfolio during the quarter and from solid underwriting results.

“All in, these results demonstrate our ability to continue to build value for our shareholders. The company’s diluted book value per share increased by a very impressive 6.7 percent for the quarter, to $85.48 per share.”

The complete report and information on accessing the earnings conference call may be obtained on the company’s website.

Source: Allied World Assurance

Selected earnings highlights from Endurance Specialty, which include both its insurance and reinsurance operations, for the first quarter of 2012 are as follows:

Q1 2012 Q1 2011
Gross premiums written ———— $1.0616 bn $1.0003 bn
Net premiums written ————— $843.056 mn $798.072 mn
Net premiums earned ————— $411.635 mn $382.833 mn
Net income (loss) ——————— $82.542 mn ($87.417 mn)
Less preferred share dividends —- ($8.188 mn) ($3.875 mn)
Net income (loss) shareholders ——– $74.354 mn ($91.292 mn)
Operating income (loss) ———– $53.346 mn ($100.358 mn)
Net realized/unrealized capital gains – $5.203 mn $3.775 mn
Net investment income ———— $57.075 mn $52.051 mn

Q1 combined ratio – 96.5 percent (139.3 percent in Q1 2011)

CEO David Cash commented: “The first quarter was a good start to the year with strong earnings, growth in book value, and improving market conditions. Within our agriculture insurance line of business, we achieved double digit policy count growth, with increased penetration in attractive Midwestern states.

“Our reinsurance business had a strong January 1st renewal, achieving robust renewal retentions, solid organic growth in our developing international reinsurance units, and an improved catastrophe portfolio with higher pricing and reduced exposures. Our efforts have positioned us well as we continue to enhance our diversified portfolio of specialty risks in 2012.”

The complete report and information on accessing the earnings conference call may be obtained on the company’s website.

Source: Endurance Specialty

Selected earnings highlights from RenaissanceRe’s operations in reinsurance, insurance and the Lloyd’s market for the first quarter of 2012 are as follows:
Q1 2012 Q1 2011
Gross premiums written ———— $664.151 mn $610.505 mn
Net premiums written ————— $492.575 mn $452.575 mn
Net premiums earned ———– $278.665 mn $305.541mn
Net income (loss) ——————- $201.429 mn ($248.033 mn)
Operating income (loss) ———— $155.5 mn ($242.9 mn)
Net realized/unrealized gain/loss — $46.113 mn ($5.24 mn)
Net investment income ————— $66.971 mn $60.281 mn

Q1 combined ratio – 29.4 percent (230.0 percent in Q1 2011)

CEO Neill A. Currie commented: “In the first quarter of 2012, we generated an annualized operating ROE of over 19 percent and increased our book value per share by 5.8 percent. Our results reflect a light catastrophe loss quarter, strong investment returns and favorable development.

“We also benefited from a successful January 1st renewal season in which we deployed more capital, increased our premiums by over 30 percent in each of our Cat, Specialty and Lloyd’s units, and constructed an attractive portfolio of business.”

The complete report and information on accessing the earnings conference call may be obtained on the company’s website.

Source: RenaissanceRe

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