Allied World Assurance Co. Holdings reported an 11.4 percent jump in net income during the 2014 first quarter, as the overall combined ratio for the company fell just below 80.
Scott Carmilani, Allied World’s president and CEO, attributed the income gains, in part, to “premium growth in selected products and record underwriting income.”
“We remain well positioned to take advantage of opportunities across the market,” Carmilani added in a prepared statement.
The Swiss insurance and reinsurance company said it booked $177 million in net income during the quarter, or $5.23 per share, up from $159 million, or $4.49 per share, during the same period in 2013.
There are a number of other positive results to consider. Net premiums written hit $771.6 million, 11 percent over last year’s $695.1 million tally. Underwriting income hit nearly $107 million for the quarter, 55.7 percent higher than $68.7 million produced in the 2013 first quarter.
That translated to a combined ratio of 79.9, compared to 85.1 in the 2013 first quarter. As well, Allied World said it didn’t face any reportable catastrophe losses for the 2014 first quarter or the 2013 first quarter.
Not to be forgotten, net investment income came in during the quarter at $47.6 million, up from $33.4 million over the same period in 2013.
Following a trend pursued by its peers, Allied World also is pursuing its own share repurchase program. The company bought back $68.7 million worth of its shares during the quarter.