Allied World reports first-quarter profit of $177M

Allied World Assurance Co. Holdings A.G. on Wednesday reported profit of $177.0 million for the first quarter of 2014, an 11.3% increase compared with the same period in 2013.

The Zug, Switzerland-based insurer reported net written premiums of $771.6 million in the quarter, an 11.0% increase compared with the first quarter of 2013.

Allied World’s combined ratio improved to 79.9% for the quarter from 85.1% during the same period a year earlier.

“Allied World is off to a great start in 2014. Premium growth in selected products and record underwriting income drove our combined ratio below 80%,” said Allied World President and CEO Scott Carmilani in a statement.

“Our focus on solid underwriting and investment expertise generated 4.4% growth in diluted book value per share,” he said. “We remain well-positioned to take advantage of opportunities across the market.”