Brought to you by:

Allied doubles up on profits

Global insurer and reinsurer Allied World has reported first-half net income of $US329 million ($350 million), more than double the $US157 million ($167 million) it posted in the corresponding period last year.

President and CEO Scott Carmilani says the group, which recently opened an office in Sydney, has delivered “another solid result”, with an 85% combined operating ratio for the six months to June 30.

Gross written premium (GWP) was $US1.66 billion ($1.77 billion), up from $US1.6 billion ($1.7 billion). Net investment income also grew, to $US84 million ($89 million) from $US71 million ($76 million).

Second-quarter GWP growth in the US and international insurance segments (11.1% and 6.2% respectively) was offset by a 19.1% drop in the reinsurance segment, driven by lower premiums across most business lines.