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Allied World Assurance Co. Holdings A.G. reported on Wednesday a fourth-quarter net loss of $40.9 million, compared with a profit of $1.7 million a year ago.
Zug, Switzerland-based Allied World said in a statement that $101.9 million in net realized losses for the quarter contributed significantly to the year-over-year decrease in total return, as rising yields had a negative impact on its fixed income portfolio. The prior year period included net realized losses of $38.8 million.
Net premiums written for the quarter totaled $44.5 million, compared with $46.4 million in the fourth quarter of 2015. The combined ratio was 99.8%, compared with 97% in the fourth quarter of 2015.
During the fourth quarter, Allied World recorded $49.9 million in net catastrophe losses, compared with no reported catastrophe losses in the fourth quarter of 2015.
In December, Toronto-based insurance group Fairfax Financial Holdings Ltd. agreed to buy Allied World for $4.9 billion in cash and stock.
Full year net income totaled $255.2 million, compared with net income of $83.9 million in the prior year. The combined ratio for the year was deteriorated to 96.2%, compared with 95.1% in 2015.
President and CEO Scott Carmilani said in a statement: “We are very excited to become a part of the Fairfax family of companies and believe this combination will better position us to grow our specialty businesses globally in 2017 and beyond.”
Swiss insurer Allied World Assurance Co. Holdings A.G. posted net income of $68.6 million in the third quarter, compared with a loss of $51.6 million in the same period previous year, The Royal Gazette reports. Operating income totaled $55.2 million, up from $51.1 million in the third quarter of 2015. The insurer reported revenue of $636.5 million during the quarter.