Exhibit 99.1
FOR IMMEDIATE RELEASE
ALLIED WORLD REPORTS RECORD 2009 RESULTS; GROWS BOOK VALUE BY 33%
PEMBROKE, BERMUDA, February 11, 2010 —
Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today reported net income of $161.3 million, or $3.05 per diluted share, for the fourth quarter of 2009 compared to net income of $19.9 million, or $0.39 per diluted share, for the fourth quarter of 2008. Net income for the year ended December 31, 2009 was a record $606.9 million, or $11.67 per diluted share, compared to net income of $183.6 million, or $3.59 per diluted share, for the year ended December 31, 2008.
The company reported operating income of $131.9 million, or $2.49 per diluted share, for the fourth quarter of 2009 compared to operating income of $141.1 million, or $2.80 per diluted share, for the fourth quarter of 2008. Operating income for the year ended December 31, 2009 was a record $537.7 million, or $10.34 per diluted share, compared to operating income of $455.1 million, or $8.90 per diluted share, for the year ended December 31, 2008.
President and Chief Executive Officer Scott Carmilani commented, “Despite the challenging market environment, I am very pleased to report exceptional results to our shareholders for the fourth quarter and full year 2009. Net income for 2009 exceeded $600 million for the first time in our company’s history and our operating return on shareholders’ equity was a very impressive 20% for the year. Our shareholders’ equity base has grown to $3.2 billion, which is up 33% from the beginning of the year.”
Underwriting Results
Gross premiums written were $322.1 million in the fourth quarter of 2009, a 3.6% increase compared to $310.9 million in the fourth quarter of 2008. For the year ended December 31, 2009, gross premiums written totaled $1,696.3 million, a 17.3% increase compared to $1,445.6 million for the year ended December 31, 2008. Net premiums written were $233.7 million in the fourth quarter of 2009, a 3.2% increase compared to $226.5 million in the fourth quarter of 2008. For the year ended December 31, 2009, net premiums written totaled $1,321.1 million, a 19.3% increase compared to $1,107.2 million for the year ended December 31, 2008. These increases were primarily due to the expansion of our U.S. insurance business offset by our selectively paring back general property, energy and professional liability risk in our international insurance segment that did not meet our underwriting requirements.

 

 


The following information was filed by Allied World Assurance Co Holdings, Ag on Thursday, February 11, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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