Allied World Reports Q4 Net Loss Of $40.9M
Allied World Assurance Company Holdings, AG reported a net loss of $40.9 million, or $0.47 per diluted share, for the fourth quarter of 2016 compared to net income of $1.7 million, or $0.02 per diluted share, for the fourth quarter of 2015.
Net income for the year ended December 31, 2016 was $255.2 million, or $2.84 per diluted share, compared to net income of $83.9 million, or $0.89 per diluted share, for the year ended December 31, 2015.
The company reported operating income of $42.4 million, or $0.48 per diluted share, for the fourth quarter of 2016, compared to operating income of $43.0 million, or $0.47 per diluted share, for the fourth quarter of 2015.
Operating income for the year ended December 31, 2016 was $239.4 million, or $2.67 per diluted share, compared to operating income of $212.0 million, or $2.25 per diluted share, for the year ended December 31, 2015.
President and Chief Executive Officer, Scott Carmilani commented, “Allied World had a very good year in 2016 despite a challenging operating environment and an increase in natural catastrophes during the fourth quarter.
“For the full year, I am pleased that our 96.2% combined ratio and solid contributions from the investment portfolio helped generate an 8.3% return on tangible equity and grow our basic book value per share by 5.0%.
“Looking ahead, 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.”
