Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Allied World Assurance Co Holdings, AG | awh-20150109x8k.htm |
Exhibit 99.1
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
New Segment Financial Supplement
Investor Contact: This report is for informational purposes only. It should be read in conjunction with documents filed by
Sarah Doran Allied World Assurance Company Holdings, AG with the U.S. Securities and Exchange Commission.
Phone: (646)794-0590
Email: sarah.doran@awac.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Any forward-looking statements made in this report reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreements with Royal & Sun Alliance Insurance plc; the inability to receive the required regulatory approvals to complete the acquisitions; risks that the proposed acquisitions disrupt each company’s current plans and operations; the ability to retain key personnel; the ability to recognize the benefits of the acquisitions; the amount of costs, fees, expenses and charges related to the acquisitions; pricing and policy term trends; increased competition; the adequacy of our loss reserves; negative rating agency actions; greater frequency or severity of unpredictable catastrophic events; the impact of acts of terrorism and acts of war; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management’s response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG | ||||
FINANCIAL SUPPLEMENT TABLE OF CONTENTS | ||||
Page | ||||
Basis of Presentation | 4 | |||
- Consolidated Segment Results - year ended December 31, 2013 | 5 | |||
- Consolidated Segment Results - year ended December 31, 2012 | 6 | |||
- Consolidated Segment Results - nine months ended September 30, 2014 | 7 | |||
- Consolidated Segment Results - nine months ended September 30, 2013 | 8 | |||
- Consolidated Segment Results - three months ended September 30, 2014 | 9 | |||
- Consolidated Segment Results - three months ended June 30, 2014 | 10 | |||
- Consolidated Segment Results - three months ended March 31, 2014 | 11 | |||
- Consolidated Segment Results - three months ended December 31, 2013 | 12 | |||
- Consolidated Segment Results - three months ended September 30, 2013 | 13 | |||
- Consolidated Segment Results - three months ended June 30, 2013 | 14 | |||
- Consolidated Segment Results - three months ended March 31, 2013 | 15 | |||
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
BASIS OF PRESENTATION
DEFINITIONS AND PRESENTATION
• | The following schedules show the Company's unaudited results of operations for each of its operating segments for the year ended December 31, 2013, year ended December 31, 2012, nine months ended September 30, 2014, nine months ended September 30, 2013, quarter ended September 30, 2014, quarter ended June 30, 2014, quarter ended March 31, 2014, quarter ended December 31, 2013, quarter ended September 30, 2013, quarter ended June 30, 2013, and quarter ended March 31, 2013. |
• | During the fourth quarter of 2014, the Chief Executive Officer of Allied World Assurance Company Holdings, AG (the "Company") reorganized how the Company manages its business, and as a result it realigned its executive management team and changed its reportable segments to correspond to the reorganization. The Company's Bermuda direct insurance operations, which had previously been included in the international insurance segment, were combined with the U.S. insurance segment, with the new segment renamed the "North American Insurance Segment". The remaining direct insurance operations of the international insurance segment were renamed the "Global Markets Insurance Segment". The Reinsurance Segment remained unchanged. The results of operations reported under the "Reinsurance" and "Consolidated Totals" columns in the following schedules have not changed as a result of the new segment format. |
• | All financial information contained herein is unaudited. |
• | Unless otherwise noted, all data is in thousands of U.S. dollars. |
4
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2013
Year ended December 31, 2013 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 1,572,355 | $ | 232,555 | $ | 933,754 | $ | 2,738,664 | |||||||||
Net premiums written | $ | 1,082,441 | $ | 145,002 | $ | 893,038 | $ | 2,120,481 | |||||||||
Net premiums earned | $ | 1,022,979 | $ | 126,008 | $ | 856,846 | $ | 2,005,833 | |||||||||
Total revenues | $ | 1,022,979 | $ | 126,008 | $ | 856,846 | $ | 2,005,833 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 651,267 | $ | 50,395 | $ | 421,580 | $ | 1,123,242 | |||||||||
Acquisition costs | 94,869 | 10,051 | 147,753 | 252,673 | |||||||||||||
General and administrative expenses | 209,042 | 63,164 | 80,079 | 352,285 | |||||||||||||
Total expenses | $ | 955,178 | $ | 123,610 | $ | 649,412 | $ | 1,728,200 | |||||||||
Underwriting income | $ | 67,801 | $ | 2,398 | $ | 207,434 | $ | 277,633 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income | $ | 67,801 | $ | 2,398 | $ | 207,434 | $ | 277,633 | |||||||||
Net investment income | 157,564 | ||||||||||||||||
Net realized investment gains | 59,525 | ||||||||||||||||
Amortization of intangible assets | (2,533) | ||||||||||||||||
Interest expense | (56,510) | ||||||||||||||||
Foreign exchange loss | (8,019) | ||||||||||||||||
Income before income taxes | $ | 427,660 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 63.7 | % | 40.0 | % | 49.2 | % | 56.0 | % | |||||||||
Acquisition cost ratio | 9.3 | % | 8.0 | % | 17.2 | % | 12.6 | % | |||||||||
General and administrative expense ratio | 20.4 | % | 50.1 | % | 9.3 | % | 17.6 | % | |||||||||
Expense ratio | 29.7 | % | 58.1 | % | 26.5 | % | 30.2 | % | |||||||||
Combined ratio | 93.4 | % | 98.1 | % | 75.7 | % | 86.2 | % | |||||||||
5
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2012
Year ended December 31, 2012 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 1,376,040 | $ | 192,981 | $ | 760,250 | $ | 2,329,271 | |||||||||
Net premiums written | $ | 964,199 | $ | 125,577 | $ | 748,047 | $ | 1,837,823 | |||||||||
Net premiums earned | $ | 892,721 | $ | 115,660 | $ | 740,517 | $ | 1,748,898 | |||||||||
Total revenues | $ | 892,721 | $ | 115,660 | $ | 740,517 | $ | 1,748,898 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 608,762 | $ | 19,536 | $ | 510,966 | $ | 1,139,264 | |||||||||
Acquisition costs | 77,701 | 8,483 | 119,538 | 205,722 | |||||||||||||
General and administrative expenses | 185,231 | 48,365 | 73,725 | 307,321 | |||||||||||||
Total expenses | $ | 871,694 | $ | 76,384 | $ | 704,229 | $ | 1,652,307 | |||||||||
Underwriting income | $ | 21,027 | $ | 39,276 | $ | 36,288 | $ | 96,591 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income | $ | 21,027 | $ | 39,276 | $ | 36,288 | $ | 96,591 | |||||||||
Net investment income | 167,141 | ||||||||||||||||
Net realized investment gains | 306,436 | ||||||||||||||||
Amortization of intangible assets | (2,533) | ||||||||||||||||
Interest expense | (55,405) | ||||||||||||||||
Foreign exchange loss | (783) | ||||||||||||||||
Income before income taxes | $ | 511,447 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 68.2 | % | 16.9 | % | 69.0 | % | 65.1 | % | |||||||||
Acquisition cost ratio | 8.7 | % | 7.3 | % | 16.1 | % | 11.8 | % | |||||||||
General and administrative expense ratio | 20.7 | % | 41.8 | % | 10.0 | % | 17.6 | % | |||||||||
Expense ratio | 29.4 | % | 49.1 | % | 26.1 | % | 29.4 | % | |||||||||
Combined ratio | 97.6 | % | 66.0 | % | 95.1 | % | 94.5 | % | |||||||||
6
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
Nine months ended September 30, 2014 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 1,285,044 | $ | 196,086 | $ | 888,552 | $ | 2,369,682 | |||||||||
Net premiums written | $ | 905,279 | $ | 126,574 | $ | 862,427 | $ | 1,894,280 | |||||||||
Net premiums earned | $ | 808,453 | $ | 114,584 | $ | 686,232 | $ | 1,609,269 | |||||||||
Total revenues | $ | 808,453 | $ | 114,584 | $ | 686,232 | $ | 1,609,269 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 520,586 | $ | 35,204 | $ | 370,441 | $ | 926,231 | |||||||||
Acquisition costs | 76,531 | 12,615 | 125,258 | 214,404 | |||||||||||||
General and administrative expenses | 159,063 | 48,861 | 56,898 | 264,822 | |||||||||||||
Total expenses | $ | 756,180 | $ | 96,680 | $ | 552,597 | $ | 1,405,457 | |||||||||
Underwriting income | $ | 52,273 | $ | 17,904 | $ | 133,635 | $ | 203,812 | |||||||||
Other insurance-related income | 1,032 | — | — | 1,032 | |||||||||||||
Other insurance-related expenses | 1,270 | 5,305 | — | 6,575 | |||||||||||||
Segment income | $ | 52,035 | $ | 12,599 | $ | 133,635 | $ | 198,269 | |||||||||
Net investment income | 127,824 | ||||||||||||||||
Net realized investment gains | 104,286 | ||||||||||||||||
Amortization of intangible assets | (1,900) | ||||||||||||||||
Interest expense | (43,451) | ||||||||||||||||
Foreign exchange loss | (978) | ||||||||||||||||
Income before income taxes | $ | 384,050 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 64.4 | % | 30.7 | % | 54.0 | % | 57.6 | % | |||||||||
Acquisition cost ratio | 9.5 | % | 11.0 | % | 18.3 | % | 13.3 | % | |||||||||
General and administrative expense ratio | 19.7 | % | 42.6 | % | 8.3 | % | 16.5 | % | |||||||||
Expense ratio | 29.2 | % | 53.6 | % | 26.6 | % | 29.8 | % | |||||||||
Combined ratio | 93.6 | % | 84.3 | % | 80.6 | % | 87.4 | % | |||||||||
7
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013
Nine months ended September 30, 2013 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 1,169,782 | $ | 156,232 | $ | 857,160 | $ | 2,183,174 | |||||||||
Net premiums written | $ | 811,473 | $ | 100,762 | $ | 817,116 | $ | 1,729,351 | |||||||||
Net premiums earned | $ | 760,581 | $ | 91,705 | $ | 628,986 | $ | 1,481,272 | |||||||||
Total revenues | $ | 760,581 | $ | 91,705 | $ | 628,986 | $ | 1,481,272 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 453,680 | $ | 36,227 | $ | 317,369 | $ | 807,276 | |||||||||
Acquisition costs | 70,329 | 7,006 | 109,081 | 186,416 | |||||||||||||
General and administrative expenses | 151,601 | 43,287 | 56,930 | 251,818 | |||||||||||||
Total expenses | $ | 675,610 | $ | 86,520 | $ | 483,380 | $ | 1,245,510 | |||||||||
Underwriting income | $ | 84,971 | $ | 5,185 | $ | 145,606 | $ | 235,762 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income | $ | 84,971 | $ | 5,185 | $ | 145,606 | $ | 235,762 | |||||||||
Net investment income | 110,294 | ||||||||||||||||
Net realized investment losses | (8,074) | ||||||||||||||||
Amortization of intangible assets | (1,900) | ||||||||||||||||
Interest expense | (42,416) | ||||||||||||||||
Foreign exchange loss | (7,361) | ||||||||||||||||
Income before income taxes | $ | 286,305 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 59.6 | % | 39.5 | % | 50.5 | % | 54.5 | % | |||||||||
Acquisition cost ratio | 9.2 | % | 7.6 | % | 17.3 | % | 12.6 | % | |||||||||
General and administrative expense ratio | 19.9 | % | 47.2 | % | 9.1 | % | 17.0 | % | |||||||||
Expense ratio | 29.1 | % | 54.8 | % | 26.4 | % | 29.6 | % | |||||||||
Combined ratio | 88.7 | % | 94.3 | % | 76.9 | % | 84.1 | % | |||||||||
8
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
Three months ended September 30, 2014 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 466,792 | $ | 64,125 | $ | 176,967 | $ | 707,884 | |||||||||
Net premiums written | $ | 364,739 | $ | 44,794 | $ | 159,209 | $ | 568,742 | |||||||||
Net premiums earned | $ | 277,203 | $ | 41,574 | $ | 222,960 | $ | 541,737 | |||||||||
Total revenues | $ | 277,203 | $ | 41,574 | $ | 222,960 | $ | 541,737 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 180,682 | $ | 28,142 | $ | 127,266 | $ | 336,090 | |||||||||
Acquisition costs | 27,027 | 5,313 | 40,063 | 72,403 | |||||||||||||
General and administrative expenses | 52,921 | 16,802 | 18,571 | 88,294 | |||||||||||||
Total expenses | $ | 260,630 | $ | 50,257 | $ | 185,900 | $ | 496,787 | |||||||||
Underwriting income (loss) | $ | 16,573 | $ | (8,683) | $ | 37,060 | $ | 44,950 | |||||||||
Other insurance-related income | 1,032 | — | — | 1,032 | |||||||||||||
Other insurance-related expenses | 1,270 | 5,305 | — | 6,575 | |||||||||||||
Segment income (loss) | $ | 16,335 | $ | (13,988) | $ | 37,060 | $ | 39,407 | |||||||||
Net investment income | 43,412 | ||||||||||||||||
Net realized investment losses | (35,136) | ||||||||||||||||
Amortization of intangible assets | (633) | ||||||||||||||||
Interest expense | (14,325) | ||||||||||||||||
Foreign exchange loss | (278) | ||||||||||||||||
Income before income taxes | $ | 32,447 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 65.2 | % | 67.7 | % | 57.1 | % | 62.0 | % | |||||||||
Acquisition cost ratio | 9.7 | % | 12.8 | % | 18.0 | % | 13.4 | % | |||||||||
General and administrative expense ratio | 19.1 | % | 40.4 | % | 8.3 | % | 16.3 | % | |||||||||
Expense ratio | 28.8 | % | 53.2 | % | 26.3 | % | 29.7 | % | |||||||||
Combined ratio | 94.0 | % | 120.9 | % | 83.4 | % | 91.7 | % | |||||||||
9
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2014
Three months ended June 30, 2014 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 472,340 | $ | 73,564 | $ | 214,501 | $ | 760,405 | |||||||||
Net premiums written | $ | 293,388 | $ | 50,733 | $ | 209,803 | $ | 553,924 | |||||||||
Net premiums earned | $ | 265,800 | $ | 37,998 | $ | 233,449 | $ | 537,247 | |||||||||
Total revenues | $ | 265,800 | $ | 37,998 | $ | 233,449 | $ | 537,247 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 178,732 | $ | 2,673 | $ | 133,450 | $ | 314,855 | |||||||||
Acquisition costs | 25,829 | 4,423 | 44,027 | 74,279 | |||||||||||||
General and administrative expenses | 58,527 | 17,477 | 20,184 | 96,188 | |||||||||||||
Total expenses | $ | 263,088 | $ | 24,573 | $ | 197,661 | $ | 485,322 | |||||||||
Underwriting income | $ | 2,712 | $ | 13,425 | $ | 35,788 | $ | 51,925 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income | $ | 2,712 | $ | 13,425 | $ | 35,788 | $ | 51,925 | |||||||||
Net investment income | 36,793 | ||||||||||||||||
Net realized investment gains | 85,217 | ||||||||||||||||
Amortization of intangible assets | (634) | ||||||||||||||||
Interest expense | (14,592) | ||||||||||||||||
Foreign exchange loss | (651) | ||||||||||||||||
Income before income taxes | $ | 158,058 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 67.2 | % | 7.0 | % | 57.2 | % | 58.6 | % | |||||||||
Acquisition cost ratio | 9.7 | % | 11.6 | % | 18.9 | % | 13.8 | % | |||||||||
General and administrative expense ratio | 22.0 | % | 46.0 | % | 8.6 | % | 17.9 | % | |||||||||
Expense ratio | 31.7 | % | 57.6 | % | 27.5 | % | 31.7 | % | |||||||||
Combined ratio | 98.9 | % | 64.6 | % | 84.7 | % | 90.3 | % | |||||||||
10
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2014
Three months ended March 31, 2014 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 345,912 | $ | 58,397 | $ | 497,084 | $ | 901,393 | |||||||||
Net premiums written | $ | 247,152 | $ | 31,047 | $ | 493,415 | $ | 771,614 | |||||||||
Net premiums earned | $ | 265,451 | $ | 35,011 | $ | 229,823 | $ | 530,285 | |||||||||
Total revenues | $ | 265,451 | $ | 35,011 | $ | 229,823 | $ | 530,285 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 161,172 | $ | 4,389 | $ | 109,725 | $ | 275,286 | |||||||||
Acquisition costs | 23,675 | 2,879 | 41,168 | 67,722 | |||||||||||||
General and administrative expenses | 47,615 | 14,582 | 18,143 | 80,340 | |||||||||||||
Total expenses | $ | 232,462 | $ | 21,850 | $ | 169,036 | $ | 423,348 | |||||||||
Underwriting income | $ | 32,989 | $ | 13,161 | $ | 60,787 | $ | 106,937 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income | $ | 32,989 | $ | 13,161 | $ | 60,787 | $ | 106,937 | |||||||||
Net investment income | 47,619 | ||||||||||||||||
Net realized investment gains | 54,205 | ||||||||||||||||
Amortization of intangible assets | (633) | ||||||||||||||||
Interest expense | (14,534) | ||||||||||||||||
Foreign exchange loss | (49) | ||||||||||||||||
Income before income taxes | $ | 193,545 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 60.7 | % | 12.5 | % | 47.7 | % | 51.9 | % | |||||||||
Acquisition cost ratio | 8.9 | % | 8.2 | % | 17.9 | % | 12.8 | % | |||||||||
General and administrative expense ratio | 17.9 | % | 41.6 | % | 7.9 | % | 15.2 | % | |||||||||
Expense ratio | 26.8 | % | 49.8 | % | 25.8 | % | 28.0 | % | |||||||||
Combined ratio | 87.5 | % | 62.3 | % | 73.5 | % | 79.9 | % | |||||||||
11
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2013
Three months ended December 31, 2013 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 402,574 | $ | 76,322 | $ | 76,594 | $ | 555,490 | |||||||||
Net premiums written | $ | 270,969 | $ | 44,239 | $ | 75,922 | $ | 391,130 | |||||||||
Net premiums earned | $ | 262,398 | $ | 34,303 | $ | 227,860 | $ | 524,561 | |||||||||
Total revenues | $ | 262,398 | $ | 34,303 | $ | 227,860 | $ | 524,561 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 197,587 | $ | 14,168 | $ | 104,211 | $ | 315,966 | |||||||||
Acquisition costs | 24,540 | 3,045 | 38,672 | 66,257 | |||||||||||||
General and administrative expenses | 57,441 | 19,877 | 23,149 | 100,467 | |||||||||||||
Total expenses | $ | 279,568 | $ | 37,090 | $ | 166,032 | $ | 482,690 | |||||||||
Underwriting (loss) income | $ | (17,170) | $ | (2,787) | $ | 61,828 | $ | 41,871 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment (loss) income | $ | (17,170) | $ | (2,787) | $ | 61,828 | $ | 41,871 | |||||||||
Net investment income | 47,270 | ||||||||||||||||
Net realized investment gains | 67,599 | ||||||||||||||||
Amortization of intangible assets | (633) | ||||||||||||||||
Interest expense | (14,094) | ||||||||||||||||
Foreign exchange loss | (658) | ||||||||||||||||
Income before income taxes | $ | 141,355 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 75.3 | % | 41.3 | % | 45.7 | % | 60.2 | % | |||||||||
Acquisition cost ratio | 9.4 | % | 8.9 | % | 17.0 | % | 12.6 | % | |||||||||
General and administrative expense ratio | 21.9 | % | 57.9 | % | 10.2 | % | 19.2 | % | |||||||||
Expense ratio | 31.3 | % | 66.8 | % | 27.2 | % | 31.8 | % | |||||||||
Combined ratio | 106.6 | % | 108.1 | % | 72.9 | % | 92.0 | % | |||||||||
12
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013
Three months ended September 30, 2013 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 389,550 | $ | 52,040 | $ | 139,303 | $ | 580,893 | |||||||||
Net premiums written | $ | 280,862 | $ | 33,562 | $ | 138,653 | $ | 453,077 | |||||||||
Net premiums earned | $ | 263,172 | $ | 31,984 | $ | 215,617 | $ | 510,773 | |||||||||
Total revenues | $ | 263,172 | $ | 31,984 | $ | 215,617 | $ | 510,773 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 157,308 | $ | 15,008 | $ | 104,654 | $ | 276,970 | |||||||||
Acquisition costs | 25,670 | 2,474 | 36,970 | 65,114 | |||||||||||||
General and administrative expenses | 53,011 | 15,055 | 20,487 | 88,553 | |||||||||||||
Total expenses | $ | 235,989 | $ | 32,537 | $ | 162,111 | $ | 430,637 | |||||||||
Underwriting income (loss) | $ | 27,183 | $ | (553) | $ | 53,506 | $ | 80,136 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income (loss) | $ | 27,183 | $ | (553) | $ | 53,506 | $ | 80,136 | |||||||||
Net investment income | 39,271 | ||||||||||||||||
Net realized investment gains | 27,487 | ||||||||||||||||
Amortization of intangible assets | (633) | ||||||||||||||||
Interest expense | (14,094) | ||||||||||||||||
Foreign exchange loss | (4,353) | ||||||||||||||||
Income before income taxes | $ | 127,814 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 59.8 | % | 46.9 | % | 48.5 | % | 54.2 | % | |||||||||
Acquisition cost ratio | 9.8 | % | 7.7 | % | 17.1 | % | 12.7 | % | |||||||||
General and administrative expense ratio | 20.1 | % | 47.1 | % | 9.5 | % | 17.3 | % | |||||||||
Expense ratio | 29.9 | % | 54.8 | % | 26.6 | % | 30.0 | % | |||||||||
Combined ratio | 89.7 | % | 101.7 | % | 75.1 | % | 84.2 | % | |||||||||
13
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2013
Three months ended June 30, 2013 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 441,557 | $ | 58,333 | $ | 265,310 | $ | 765,200 | |||||||||
Net premiums written | $ | 290,989 | $ | 36,824 | $ | 253,409 | $ | 581,222 | |||||||||
Net premiums earned | $ | 253,345 | $ | 31,132 | $ | 222,794 | $ | 507,271 | |||||||||
Total revenues | $ | 253,345 | $ | 31,132 | $ | 222,794 | $ | 507,271 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 142,431 | $ | 12,901 | $ | 119,796 | $ | 275,128 | |||||||||
Acquisition costs | 24,194 | 2,718 | 37,705 | 64,617 | |||||||||||||
General and administrative expenses | 48,565 | 13,872 | 18,148 | 80,585 | |||||||||||||
Total expenses | $ | 215,190 | $ | 29,491 | $ | 175,649 | $ | 420,330 | |||||||||
Underwriting income | $ | 38,155 | $ | 1,641 | $ | 47,145 | $ | 86,941 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income | $ | 38,155 | $ | 1,641 | $ | 47,145 | $ | 86,941 | |||||||||
Net investment income | 37,635 | ||||||||||||||||
Net realized investment losses | (115,198) | ||||||||||||||||
Amortization of intangible assets | (634) | ||||||||||||||||
Interest expense | (14,188) | ||||||||||||||||
Foreign exchange loss | (490) | ||||||||||||||||
Loss before income taxes | $ | (5,934) | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 56.2 | % | 41.4 | % | 53.8 | % | 54.2 | % | |||||||||
Acquisition cost ratio | 9.5 | % | 8.7 | % | 16.9 | % | 12.7 | % | |||||||||
General and administrative expense ratio | 19.2 | % | 44.6 | % | 8.1 | % | 15.9 | % | |||||||||
Expense ratio | 28.7 | % | 53.3 | % | 25.0 | % | 28.6 | % | |||||||||
Combined ratio | 84.9 | % | 94.7 | % | 78.8 | % | 82.8 | % | |||||||||
14
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2013
Three months ended March 31, 2013 | |||||||||||||||||
North American | Global Markets | Consolidated | |||||||||||||||
Insurance | Insurance | Reinsurance | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written | $ | 338,674 | $ | 45,860 | $ | 452,547 | $ | 837,081 | |||||||||
Net premiums written | $ | 239,621 | $ | 30,377 | $ | 425,054 | $ | 695,052 | |||||||||
Net premiums earned | $ | 244,063 | $ | 28,590 | $ | 190,575 | $ | 463,228 | |||||||||
Total revenues | $ | 244,063 | $ | 28,590 | $ | 190,575 | $ | 463,228 | |||||||||
Expenses | |||||||||||||||||
Net losses and loss expenses | $ | 153,941 | $ | 8,318 | $ | 92,919 | $ | 255,178 | |||||||||
Acquisition costs | 20,465 | 1,814 | 34,406 | 56,685 | |||||||||||||
General and administrative expenses | 50,025 | 14,360 | 18,295 | 82,680 | |||||||||||||
Total expenses | $ | 224,431 | $ | 24,492 | $ | 145,620 | $ | 394,543 | |||||||||
Underwriting income | $ | 19,632 | $ | 4,098 | $ | 44,955 | $ | 68,685 | |||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment income | $ | 19,632 | $ | 4,098 | $ | 44,955 | $ | 68,685 | |||||||||
Net investment income | 33,388 | ||||||||||||||||
Net realized investment gains | 79,637 | ||||||||||||||||
Amortization of intangible assets | (633) | ||||||||||||||||
Interest expense | (14,134) | ||||||||||||||||
Foreign exchange loss | (2,518) | ||||||||||||||||
Income before income taxes | $ | 164,425 | |||||||||||||||
GAAP Ratios | |||||||||||||||||
Loss and loss expense ratio | 63.1 | % | 29.1 | % | 48.8 | % | 55.1 | % | |||||||||
Acquisition cost ratio | 8.4 | % | 6.3 | % | 18.1 | % | 12.2 | % | |||||||||
General and administrative expense ratio | 20.5 | % | 50.2 | % | 9.6 | % | 17.8 | % | |||||||||
Expense ratio | 28.9 | % | 56.5 | % | 27.7 | % | 30.0 | % | |||||||||
Combined ratio | 92.0 | % | 85.6 | % | 76.5 | % | 85.1 | % | |||||||||
15