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Allied World Assurance Q1 income rises

Allied World Assurance has reported a net income of $130.9 million for the first quarter of 2008, compared to a net income of $113.9 million for the same quarter of 2007.

Operating income was $128 million, or $2.49 per diluted share for the quarter compared with $120.4 million, or $1.94 per diluted share for the same quarter in 2007.

The company’s annualized net income return on average equity and annualized operating return on average equity for the quarter were 24% and 23.5%, respectively.

Gross premiums written were $396.9 million in the quarter, a 9.5% decrease from $438.4 million in the corresponding quarter of 2007. Likewise, for the period, net premiums written declined 8.7% to $326.6 million from $357.8 million in 2007 comparable quarter.

Scott Carmilani, president and CEO of Allied World Assurance, said: Allied World continues to post very strong results despite the competitive market conditions that currently exist. We continue to maintain our underwriting discipline and to leverage our strong ratings and balance sheet.