Exhibit 99.1


ALLIED WORLD REPORTS A 96.2% COMBINED RATIO FOR THE THIRD QUARTER 2016
Net favorable reserve development of prior loss years of $29.7 million for the quarter
Net investment income growth of 10.7% over the third quarter of 2015
Repurchase of $26.2 million of common shares during the quarter

ZUG, Switzerland--(BUSINESS WIRE) -- Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported net income of $68.6 million, or $0.77 per diluted share, for the third quarter of 2016 compared to a net loss of $51.6 million, or $0.57 per diluted share, for the third quarter of 2015.
The company reported operating income of $55.2 million, or $0.62 per diluted share, for the third quarter of 2016, compared to operating income of $51.4 million, or $0.55 per diluted share, for the third quarter of 2015.
"I am pleased we were able to generate a 96.2% 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," commented President and Chief Executive Officer, Scott Carmilani.

Third Quarter Summary (Unaudited)
(Expressed in millions of U.S. dollars, except per share amounts)
Three Months Ended September 30,
 
 
 
Diluted per share
 
2016

2015
2016
2015
 
 
 
 
 
Net income (loss)
$68.6
$(51.6)
$0.77
$(0.56)*
Add pre-tax effect of:
 
 
 
 
Net realized investment (gains) losses
(10.7
)
113.6
(0.12)
1.23
Foreign exchange loss (gain)
1.0

(0.8)
0.01
(0.01)
Income tax (benefit)
(3.7)

(9.8)
(0.04)
(0.11)
Operating income
$55.2
$51.4
$0.62
$0.55

* Diluted weighted average common shares outstanding were only used in the calculation of diluted operating income per share, and
not in the calculation of diluted earnings per share as there was a net loss during the three months ended September 30, 2015.


Third Quarter Operating Results
Gross premiums written were $730.2 million, a 3.2% decrease compared to $754.1 million in the third quarter of 2015.
The North American Insurance segment grew 1.3% to $466.5 million, led by increases in programs and other specialty lines. Partially offsetting this were reductions in healthcare and property lines.    
The Global Markets Insurance segment decreased 4.5% to $126.7 million, driven by reductions in several lines of business across Europe and Asia.
The Reinsurance segment decreased 14.9% to $137.0 million, driven by continued strategic non-renewal of several property and casualty treaties.
The company did not experience any new reportable catastrophe losses this quarter, compared to $35.5 million in the prior year period. There was an increase of $4.9 million in catastrophe losses due to the Texas hailstorms which occurred in the second quarter of 2016.
Underwriting income was $21.5 million compared to underwriting income of $27.9 million in the third quarter of 2015.

                            1

The following information was filed by Allied World Assurance Co Holdings, Ag on Monday, October 31, 2016 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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