Bermuda-based Allied World Assurance Holdings has reported a net operating income of $18.3m (£12.6m) for the first quarter of 2002.
Gross and net premiums written in the quarter were $126.6m (£86.9m), while net premiums earned were $23.7m (£16.3m).
President Michael I. D. Morrison commented "I am pleased to report that the premiums written by Allied World in its first full quarter of operation reflect its acceptance by the insurance brokerage community and corporate buyers as a financially strong and capable provider of a broad range of insurance coverages.
"With our expanding staff we have been able to maintain high levels of service, provide capacity where most needed, and at the same time support improving market conditions in terms of both pricing and coverage.
"Our market acceptance, strong financial position, A M Best rating of A+ (Superior), willingness to entertain a broad category of risks and ability to provide a professional underwriting approach bodes well for the future".
Allied World Assurance Holdings, Ltd was incorporated in Bermuda in November last year.
