Allied World’s turns to profit in Q3

Allied World posted a net profit in the third quarter of 2016 after a loss in the same period a year ago.

The Switzerland-based re/insurer reported a net income for the three-month period ending September 30 of $68.6 million, compared to a net loss of $51.6 million for the same period in 2015.

The company's gross premiums written were $730.2 million, a 3.2 percent decrease from $754.1 million in the third quarter of 2015.

Allied World's combined ratio was 96.2 percent in the third quarter, up 0.4 percentage points year-on-year.

"I am pleased we were able to generate a 96.2 percent combined ratio and strong investment returns which resulted in net income of $68.6 million, in spite of some large loss events that took place in the quarter," said Scott Carmilani, president and CEO.