Allied World Company Holdings (AWH) has reported a net income of $122.8m, or $3.54 per diluted share, for the third quarter of 2013 compared to $219.6m, or $6.00 per diluted share, during the same period last fiscal.
The Switzerland-based specialty insurance and reinsurance company said that its net income for the nine months ended on 30 September 2013 decreased to $280m, or $7.97 per diluted share, against $534.2m, or $14.28 per diluted share, during the same period in 2012.
Allied World president and CEO Scott Carmilani said that the company delivered an excellent underwriting performance, benefiting from profitable growth across its well balanced, niche book of business amid an attractive rate environment.
"The improved investment environment also contributed to diluted book value per share growth of over 3% for the quarter," Carmilani added.
Gross premiums written stood at $580.9m, with an increase of 15.2% compared to $504.4m, during the corresponding period earlier year, which is attributable due to growth across all three segments. US Insurance grew by 17.3%, International grew by 9.5% and Reinsurance grew by 16.1%.
For the third quarter ended on 30 September 2013, its combined ratio was 84.2% against 88.1% during the same period a year ago, mainly due to a lower reported loss ratio offset by a slightly higher expense ratio.
Allied World Assurance Company, through its subsidiaries and brand Allied World, offers property, casualty, specialty insurance, and reinsurance services.