Allied World Assurance's profits plummet

Swiss insurer and reinsurer Allied World Assurance Co. Holdings A.G.'s profits slid more than 50% in the first quarter of 2016, reported The Royal Gazette.

Allied World's gross premiums also fell 1.9% year on year in the quarter. "The global markets insurance segment grew by 94.7% on a constant dollar basis," said Allied World. The firm's reinsurance segment posted a decline of 16% during the period. Allied World attributed this to a reduction in property catastrophe risk and the non-renewal of other property/casualty treaties.

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