Allied World benefits from growth in all divisions
Allied World Assurance Company (AWAC) has posted a strong set of results for 2014, as it benefitted from growth in all of its business segments.
Its profits for the year ended December 31, 2014 grew to $490.3 million, compared with $417.9 million in 2013. AWAC’s operating income also increased, from $415.1 million in 2014, compared with $364 million in 2013.
The company’s gross written premiums hiked to $2.9 billion in 2014, compared with $2.7 billion in 2013. Its North American insurance business grew to $1.7 billion in premiums in 2014, compared with $1.6 billion in 2013, while its global markets insurance premiums increased to $280.5 million in 2014, compared with $232.6 million in 2013.
AWAC’s reinsurance business also saw an increase in premiums to $938.6 million, compared with $933.8 million in 2013.
Its combined ratio improved to 85.2 percent in 2014, compared with 86.2 percent in 2013. The company’s global markets insurance division posted the most improved ratio of 90.7 percent in 2014, compared with 98.1 percent in 2013.
Scott Carmilani, president and chief executive officer, said: "Allied World had an excellent fourth quarter and full year. Another great underwriting year has helped us to generate a five-year average combined ratio of 89.4 percent. The company made great progress in 2014 on executing our goals and initiatives, and is well positioned for 2015 and beyond. We look forward to the close of the RSA acquisitions and continued attractive opportunities across our platforms."
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