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Swiss insurer and reinsurer Allied World Assurance Co. Holdings A.G.'s profits plummeted 99% to $1.7 million in the fourth quarter of 2015, compared to $128.8 in the corresponding period of 2014, reports The Royal Gazette.
Allied World's net income for 2015 totaled $83.9 million, down from $490.3 million recorded in 2014. The firm's gross written premiums increased 5.4% year on year to $3.1 billion during the year. Allied World chief executive Scott Carmilani said that 2015 "was a challenging year, marked by a difficult underwriting environment and financial market volatility."