Exhibit 99.1

ALLIED WORLD REPORTS 79.3% COMBINED RATIO FOR THE FOURTH QUARTER 2014

Return on equity of 13.4% and growth in diluted book value per share of 11.9% for the full year
Net favorable reserve development on prior loss years of $212.6 million versus $180.3 million in 2013
Full-year combined ratio of 85.2% compared with 86.2% in the prior year
Mid-teens growth in operating, underwriting and net income for the full year

ZUG, Switzerland -- (BUSINESS WIRE) -- Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported net income of $130.5 million, or $1.33 per diluted share, for the fourth quarter of 2014 compared to net income of $137.9 million, or $1.34 per diluted share, for the fourth quarter of 2013. Net income for the year ended December 31, 2014 was $490.3 million, or $4.92 per diluted share, compared to net income of $417.9 million, or $3.98 per diluted share, for the year ended December 31, 2013.
The company reported operating income of $148.5 million, or $1.51 per diluted share, for the fourth quarter of 2014, compared to operating income of $74.5 million, or $0.72 per diluted share, for the fourth quarter of 2013. Operating income for the year ended December 31, 2014 was $415.1 million, or $4.17 per diluted share, compared to operating income of $364.0 million, or $3.47 per diluted share, for the year ended December 31, 2013.
President and Chief Executive Officer Scott Carmilani commented, "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%. 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."
Fourth Quarter Summary (Unaudited)
(Expressed in millions of U.S. dollars, except per share amounts)
Three Months Ended December 31,
Diluted per share
Year Ended December 31,
Diluted per share
 
2014

2013
2014
2013
2014
2013
2014
2013
 
 
 
 
 
 
 
 
 
Net income
$130.5
$137.9
$1.33
$1.34
$490.3
$417.9
$4.92
$3.98
Adjusted for after tax effect of:
 
 
 

 
 
 
 
Net realized investment losses (gains)
18.0

(64.1)
0.18
(0.62)
(76.2)
(61.9)
(0.76)
(0.59)
Foreign exchange loss
0.0

0.7
0.00
0.01
1.0
8.0
0.01
0.08
Operating income
$148.5
$74.5
$1.51
$0.72
$415.1
$364.0
$4.17
$3.47
 
 
 
 
 
 
 
 
 
Note: On May 1, 2014, our shareholders approved a 3-for-1 stock split of the company's common shares. All historical share and per share amounts reflect the effect of the stock split.

As previously announced, the company realigned its two insurance business segments during the fourth quarter of 2014 from the previous U.S. Insurance (U.S. and Canada) and International Insurance (all other regions) segments to better manage the business. Our segments now report across North American Insurance, Global Markets Insurance, and Reinsurance.

Fourth Quarter Operating Results
Gross premiums written were $565.7 million, a 1.8% increase compared to $555.5 million in the fourth quarter of 2013. This was driven by growth in the Global Markets Insurance segment and North American Insurance segment, offset by a decrease in the Reinsurance segment.

                            1

The following information was filed by Allied World Assurance Co Holdings, Ag on Wednesday, February 4, 2015 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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