Navigation Links
Allied World Reports Record Operating Results in Third Quarter 2009; 27.4% Increase in Total Book Value Year to Date; 11% Dividend Increase Announced
Date:11/5/2009

PEMBROKE, Bermuda, Nov. 5 /PRNewswire-FirstCall/ -- Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today reported net income of $200.6 million, or $3.83 per diluted share, for the third quarter of 2009 compared to a net loss of $46.4 million, or $0.95 per diluted share, for the third quarter of 2008. Net income for the nine months ended September 30, 2009 was $445.6 million, or $8.62 per diluted share, compared to net income of $163.8 million, or $3.22 diluted share, for the first nine months of 2008.

The company reported operating income of $155.4 million, or $2.97 per diluted share, for the third quarter of 2009 compared to operating income of $102.8 million, or $2.03 per diluted share, for the third quarter of 2008. Operating income for the nine months ended September 30, 2009 was $405.8 million, or $7.85 per diluted share, compared to operating income of $313.9 million, or $6.17 per diluted share, for the first nine months of 2008.

President and Chief Executive Officer Scott Carmilani commented, "We are very excited to report record operating results in the third quarter 2009 as we continue to effectively manage through the sluggish market environment. The company's net operating income was $155 million, which is the best quarterly result in our company's history. This equates to a very impressive 22.2% annualized operating return on shareholders' equity for the quarter. Given these continued excellent results, we are also announcing that our Board has increased the quarterly dividend by 11%, to $0.20 per share, beginning with our fourth quarter dividend."

Mr. Carmilani continued, "As we expand our footprint in the specialty insurance market, our sustained excellent results reflect favorably on the strategic decisions we have made in recent years in both our underwriting operations and with our investment portfolio. The results of these decisions have ultimately been reflected through growth in our shareholders' equity, which is now almost $3.1 billion, up over 27% from the beginning of the year."

Underwriting Results

Gross premiums written were $401.8 million in the third quarter of 2009, a 38.1% increase compared to $291.0 million in the third quarter of 2008. For the nine months ended September 30, 2009, gross premiums written totaled $1,374.2 million, a 21.1% increase compared to $1,134.6 million in the first nine months of 2008. Net premiums written were $321.0 million in the third quarter of 2009, a 37.2% increase compared to $233.9 million in the third quarter of 2008. For the nine months ended September 30, 2009, net premiums written totaled $1,087.4 million, a 23.5% increase compared to $880.7 million in the first nine months of 2008. These increases were primarily due to the inclusion of the Darwin Professional Underwriters, Inc. ("Darwin") business and increased direct insurance and assumed reinsurance writings by our other U.S. offices.

Net premiums earned in the third quarter of 2009 were $328.8 million, a 20.9% increase compared to $272.0 million in the third quarter of 2008. For the nine months ended September 30, 2009, net premiums earned totaled $986.4 million, a 21.2% increase from net premiums earned of $813.9 million in the first nine months of 2008. These increases were primarily due to the expansion of our U.S. based insurance operations.

The combined ratio was 70.4% in the third quarter of 2009 compared to 90.2% in the third quarter of 2008. The loss and loss expense ratio was 41.5% in the third quarter of 2009 compared to 64.7% in the third quarter of 2008. During the third quarter of 2009, the company recorded net favorable reserve development on prior loss years of $73.5 million, a benefit of 22.4 percentage points to the company's loss and loss expense ratio for the quarter. This compares to the third quarter of 2008, where the company recorded net favorable reserve development on prior loss years of $96.9 million, a benefit of 35.6 percentage points to the company's loss and loss expense ratio for that quarter. Absent prior year reserve adjustments, the loss and loss expense ratio related to the third quarter of 2009 was 63.9% compared to 100.3% for the third quarter of 2008. During the three months ended September 30, 2008, the company experienced higher loss activity, which included losses incurred from Hurricanes Gustav and Ike.

For the nine months ended September 30, 2009, the combined ratio was 76.3% compared to 87.1% in the first nine months of 2008. For the first nine months of 2009, the company recorded net favorable reserve development on prior loss years of $170.3 million, a benefit of 17.3 percentage points to the company's loss and loss expense ratio. For the first nine months of 2008, the company recorded net favorable reserve development on prior loss years of $189.8 million, a benefit of 23.3 percentage points to the company's loss and loss expense ratio.

The company's expense ratio was 28.9% for the third quarter of 2009 compared to 25.5% for the third quarter of 2008. The expense ratio was 29.4% for the nine months ended September 30, 2009 compared to 26.0% in the first nine months of 2008. As part of our ongoing strategic initiatives, the company has significantly expanded its existing U.S. operations. Our overall staff count increased to 628 as of September 30, 2009 from 351 as of September 30, 2008, primarily driven by the additional staff of Darwin. As a result of the increased staff count, salary and employee welfare costs increased by $15.6 million and $44.0 million during the three and nine months ended September 30, 2009, respectively, compared to the same periods in 2008.

Investment Results

Net investment income in the third quarter of 2009 was $73.0 million, a decrease of 5.0% from the $76.9 million of net investment income in the third quarter of 2008. The decrease was primarily due to lower fixed income amortization on securities for which we had previously recognized other-than- temporary impairment ("OTTI") adjustments. The cumulative adjustment made in the second quarter 2009 effectively eliminated OTTI previously taken by increasing the book value of our fixed maturity investments. For the nine months ended September 30, 2009, net investment income was $227.4 million, an increase of 0.5% over the $226.2 million of net investment income in the first nine months of 2008.

The company recorded net realized investment gains of $46.9 million and $88.6 million for the three and nine months ended September 30, 2009, respectively. As of September 30, 2009 and December 31, 2008, net accumulated unrealized gains were $185.0 million and $105.6 million, respectively. The change in net unrealized investment gains from December 31, 2008 to September 30, 2009 was due to unrealized gains in our fixed-maturity portfolio of $216.3 million primarily resulting from the narrowing of credit spreads across all fixed income classes partially offset by the cumulative effect adjustment of $136.8 million related to the company adopting accounting changes for investments in the second quarter of 2009.

Shareholders' Equity

As of September 30, 2009, our shareholders' equity was $3.1 billion, a 12.3% increase in the current quarter and a 27.4% increase compared to shareholders' equity of $2.4 billion as of December 31, 2008. The increase was primarily the result of net income earned and net unrealized gains on investments recognized during the three and nine months ended September 30, 2009.

The company's annualized net income return on average shareholders' equity for the three and nine months ended September 30, 2009 was 28.7% and 22.8%, respectively. The company's annualized operating return on average shareholders' equity for the three and nine months ended September 30, 2009 was 22.2% and 20.8%, respectively.

As of September 30, 2009, diluted book value per share was $57.20, an increase of 24.2% compared to $46.05 as of December 31, 2008.

Increased Quarterly Dividend

Allied World announced today that its Board of Directors has declared an increase in the quarterly dividend to $0.20 per common share, an 11% increase. The dividend will be payable on December 10, 2009 to shareholders of record on November 24, 2009.

Investment Supplement

Allied World will be providing additional information on its investment portfolio as of September 30, 2009. This information will be available at the "Investor Relations" section of the company's website at www.awac.com.

Financial Supplement

A financial supplement relating to the third quarter of 2009 will be available at the "Investor Relations" section of the company's website at www.awac.com.

Conference Call

Allied World will host a conference call on Friday, November 6, 2009 at 8:00 a.m. (Eastern Time) to discuss the third quarter 2009 financial results. The public may access a live webcast of the conference call at the "Investor Relations" section of the company's website at www.awac.com. In addition, the conference call can be accessed by dialing (800) 510-9836 (U.S. and Canada callers) or (617) 614-3670 (international callers) and entering the passcode 92163598 approximately ten minutes prior to the call.

Following the conclusion of the presentation, a replay of the call will be available through Friday, November 20, 2009 by dialing (888) 286-8010 (U.S. and Canada callers) or (617) 801-6888 (international callers) and entering the passcode 71145005. In addition, the webcast will remain available online through Friday, November 20, 2009 at www.awac.com.

Non-GAAP Financial Measures

In presenting the company's results, management has included and discussed in this press release certain non generally accepted accounting principles ("non-GAAP") financial measures within the meaning of Regulation G as promulgated by the U.S. Securities and Exchange Commission. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the company's business. However, these measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles ("GAAP").

"Operating income" is an internal performance measure used by the company in the management of its operations and represents after-tax operational results excluding, as applicable, net realized investment gains or losses, net impairment charges recognized in earnings and foreign exchange gain or loss. The company excludes net realized investment gains or losses, net impairment charges recognized in earnings and net foreign exchange gain or loss from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. The company believes these amounts are largely independent of its business and underwriting process and including them may distort the analysis of trends in its insurance and reinsurance operations. In addition to presenting net income determined in accordance with GAAP, the company believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the company's results of operations in a manner similar to how management analyzes the company's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income.

The company has included "diluted book value per share" because it takes into account the effect of dilutive securities; therefore, the company believes it is a better measure of calculating shareholder returns than book value per share.

"Annualized net income return on average shareholders' equity" ("ROAE") is calculated using average shareholders' equity, excluding the average after tax unrealized gains or losses on investments. Unrealized gains (losses) on investments are primarily the result of interest rate and risk premium movements and the resultant impact on fixed income securities. Such gains (losses) are not related to management actions or operational performance, nor are they likely to be realized. Therefore, the company believes that excluding these unrealized gains (losses) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. In calculating ROAE, the net income (loss) available to shareholders for the period is multiplied by the number of such periods in a calendar year in order to arrive at annualized net income (loss) available to shareholders. The company presents ROAE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

"Annualized operating return on average shareholders' equity" is calculated using operating income (as defined above and annualized in the manner described for net income (loss) available to shareholders under ROAE above), and average shareholders' equity, excluding the average after tax unrealized gains (losses) on investments. Unrealized gains (losses) are excluded from equity for the reasons outlined in the annualized net income return on average shareholders' equity explanation above.

Reconciliations of these financial measures to their most directly comparable GAAP measures are included in the attached tables.

About Allied World Assurance Company

Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through offices in Bermuda, the United States, Europe and Hong Kong. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company. For further information on Allied World, please visit our website at www.awac.com.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release 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 ability to recognize the benefits of the Darwin acquisition; pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; investigations of market practices and related settlement terms; negative rating agency actions; the adequacy of our loss reserves; 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 including those related to the ongoing financial crisis; 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, LTD
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Expressed in thousands of United States dollars, except share and per
    share amounts)

                                    Quarter Ended        Nine Months Ended
                                    September 30,           September 30,
                                  2009        2008        2009        2008

    Revenues:
      Gross premiums written     $401,837    $290,981  $1,374,216  $1,134,638
      Premiums ceded             (80,881)    (57,078)   (286,785)   (253,913)

      Net premiums written        320,956     233,903   1,087,431     880,725
      Change in unearned
       premiums                     7,815      38,070   (101,020)    (66,804)
      Net premiums earned         328,771     271,973     986,411     813,921

      Net investment income        73,032      76,916     227,423     226,192
      Net realized investment
       gain/(loss)                 46,861    (76,849)      88,556    (40,500)
      Net impairment charges
       recognized in earnings     (1,953)    (75,027)    (49,390)   (112,304)
      Other income                    298         -         1,133         -
             Total revenue        447,009     197,013   1,254,133     887,309
    Expenses:
      Net losses and loss
       expenses                   136,441     176,010     462,657     497,591
      Acquisition costs            36,630      28,615     110,721      81,720
      General and
       administrative expenses     58,586      40,794     179,575     130,445
      Interest expense              9,523       9,515      29,492      28,538
      Foreign exchange gain         (273)     (2,728)       (660)     (2,651)
            Total expenses        240,907     252,206     781,785     735,643
    Income before income taxes    206,102    (55,193)     472,348     151,666
      Income tax
       expense/(recovery)           5,548     (8,826)      26,716    (12,117)
    NET INCOME (LOSS)            $200,554   $(46,367)    $445,632    $163,783

    PER SHARE DATA:
      Basic earnings (loss)
       per share                    $4.05     $(0.95)       $9.01       $3.37
      Diluted earnings (loss)
       per share                    $3.83     $(0.95)       $8.62       $3.22

      Weighted average common
       shares outstanding      49,574,266  49,007,389  49,449,809  48,547,839
      Weighted average common
       shares and common share
       equivalents outstanding 52,345,913  49,007,389  51,676,006  50,869,098

      Dividends declared per
       share                        $0.18       $0.18       $0.54       $0.54



    ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Expressed in thousands of United States dollars, except share and per
    share amounts)

                                                   As of             As of
                                               September 30,      December 31,
    ASSETS:                                         2009              2008
    Fixed maturity investments available
     for sale, at fair value (amortized
     cost: 2009: $5,464,105; 2008:
     $5,872,031)                                $5,673,793        $6,032,029
    Fixed maturity investments trading,
     at fair value                               1,372,287               -
    Other invested assets trading, at
     fair value                                    162,125            69,902
    Other invested assets available for
     sale, at fair value
     (cost: 2009: nil; 2008: $89,229)                  -              55,199

    Total investments                            7,208,205         6,157,130
    Cash and cash equivalents                      345,954           706,267
    Securities lending collateral                      -             171,026
    Insurance balances receivable                  407,617           347,941
    Prepaid reinsurance                            198,136           192,582
    Reinsurance recoverable                        913,964           888,314
    Accrued investment income                       56,319            50,671
    Deferred acquisition costs                     102,976            86,181
    Goodwill                                       268,532           268,532
    Intangible assets                               68,215            71,410
    Net balances on purchases and sales
     of investments                                    -              12,371
    Net deferred tax assets                         20,984            22,452
    Other assets                                    50,355            47,603
                          Total assets          $9,641,257        $9,022,480

    LIABILITIES:
    Reserve for losses and loss expenses        $4,749,602        $4,576,828
    Unearned premiums                            1,036,933           930,358
    Reinsurance balances payable                    99,315            95,129
    Securities lending payable                         -             177,010
    Net balances on purchases and sales
     of investments                                110,040               -
    Syndicated loan                                    -             243,750
    Senior notes                                   498,888           498,796
    Accounts payable and accrued
     liabilities                                    67,585            83,747
                     Total liabilities          $6,562,363        $6,605,618

    SHAREHOLDERS' EQUITY:
    Common shares, par value $0.03 per share:
     issued and outstanding 2009:
     49,602,354; 2008: 49,036,159 shares            $1,488            $1,471
    Additional paid-in capital                   1,341,661         1,314,785
    Retained earnings                            1,550,702           994,974
    Accumulated other comprehensive
     income, net of tax                            185,043           105,632
            Total shareholders' equity          $3,078,894        $2,416,862

                 Total liabilities and
                  shareholders' equity          $9,641,257        $9,022,480



    ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD
    UNAUDITED CONSOLIDATED SEGMENT DATA
    (Expressed in thousands of United States dollars, except for ratio
    information)


    Quarter Ended                     U.S.    International
     September 30, 2009             Insurance  Insurance   Reinsurance   Total

    Gross premiums written           $169,629   $107,768   $124,440    401,837
    Net premiums written              126,600     69,939    124,417    320,956
    Net premiums earned               111,558     97,705    119,508    328,771
    Other income                          298        -          -          298
    Net losses and loss expenses     (42,071)   (28,301)   (66,069)  (136,441)
    Acquisition costs                (14,354)      (516)   (21,760)   (36,630)
    General and administrative
     expenses                        (26,994)   (19,866)   (11,726)   (58,586)
    Underwriting income                28,437     49,022     19,953     97,412
    Net investment income                                               73,032
    Net realized investment gains                                       46,861
    Net impairment charges
     recognized in earnings                                            (1,953)
    Interest expense                                                   (9,523)
    Foreign exchange gain                                                  273
    Income before income taxes                                        $206,102

    GAAP Ratios:
    Loss and loss expense ratio         37.7%      29.0%      55.3%      41.5%
    Acquisition cost ratio              12.9%       0.5%      18.2%      11.1%
    General and administrative
     expense ratio                      24.2%      20.3%       9.8%      17.8%
    Combined ratio                      74.8%      49.8%      83.3%      70.4%


    Quarter Ended                     U.S.    International
     September 30, 2008             Insurance  Insurance   Reinsurance   Total

    Gross premiums written            $64,828   $132,612    $93,541   $290,981
    Net premiums written               45,674     95,943     92,286    233,903
    Net premiums earned                32,034    116,377    123,562    271,973
    Net losses and loss expenses     (29,728)   (88,328)   (57,954)   176,010)
    Acquisition costs                 (2,852)    (1,794)   (23,969)   (28,615)
    General and administrative
     expenses                        (10,609)   (18,483)   (11,702)   (40,794)
    Underwriting (loss) income       (11,155)      7,772     29,937     26,554
    Net investment income                                               76,916
    Net realized investment losses                                    (76,849)
    Net impairment charges recognized
     in earnings                                                      (75,027)
    Interest expense                                                   (9,515)
    Foreign exchange gain                                                2,728
    Loss before income taxes                                         $(55,193)

    GAAP Ratios:
    Loss and loss expense ratio         92.8%      75.9%      46.9%      64.7%
    Acquisition cost ratio               8.9%       1.5%      19.4%      10.5%
    General and administrative
     expense ratio                      33.1%      15.9%       9.5%      15.0%
    Combined ratio                     134.8%      93.3%      75.8%      90.2%



    ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD
    UNAUDITED CONSOLIDATED SEGMENT DATA
    (Expressed in thousands of United States dollars, except for ratio
    information)

    Nine Months Ended                 U.S.    International
     September 30, 2009             Insurance  Insurance   Reinsurance   Total

    Gross premiums written           $505,710   $425,672   $442,834 $1,374,216
    Net premiums written              369,912    275,066    442,453  1,087,431
    Net premiums earned               327,850    320,706    337,855    986,411
    Other income                        1,133        -          -        1,133
    Net losses and loss expenses    (143,090)  (141,595)  (177,972)  (462,657)
    Acquisition costs                (42,308)    (3,243)   (65,170)  (110,721)
    General and administrative
     expenses                        (86,518)   (58,599)   (34,458)  (179,575)
    Underwriting income                57,067    117,269     60,255    234,591
    Net investment income                                              227,423
    Net realized investment gains                                       88,556
    Net impairment charges
     recognized in earnings                                           (49,390)
    Interest expense                                                  (29,492)
    Foreign exchange gain                                                  660
    Income before income taxes                                        $472,348

    GAAP Ratios:
    Loss and loss expense ratio         43.6%      44.2%      52.7%      46.9%
    Acquisition cost ratio              12.9%       1.0%      19.3%      11.2%
    General and administrative
     expense ratio                      26.4%      18.3%      10.2%      18.2%
    Combined ratio                      82.9%      63.5%      82.2%      76.3%


    Nine Months Ended                 U.S.    International
     September 30, 2008             Insurance  Insurance   Reinsurance   Total

    Gross premiums written           $166,314   $548,433   $419,891 $1,134,638
    Net premiums written              104,437    358,036    418,252    880,725
    Net premiums earned                93,758    357,116    363,047    813,921
    Net losses and loss expenses     (68,791)  (241,484)  (187,316)  (497,591)
    Acquisition costs                 (8,469)    (2,249)   (71,002)   (81,720)
    General and administrative
     expenses                        (39,452)   (59,091)   (31,902)  (130,445)
    Underwriting (loss) income       (22,954)     54,292     72,827    104,165
    Net investment income                                              226,192
    Net realized investment
     losses                                                           (40,500)
    Net impairment charges
     recognized in earnings                                          (112,304)
    Interest expense                                                  (28,538)
    Foreign exchange gain                                                2,651
    Income before income taxes                                        $151,666

    GAAP Ratios:
    Loss and loss expense ratio         73.4%      67.6%      51.6%      61.1%
    Acquisition cost ratio               9.0%       0.6%      19.6%      10.0%
    General and administrative
     expense ratio                      42.1%      16.5%       8.8%      16.0%
    Combined ratio                     124.5%      84.7%      80.0%      87.1%



    ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD
    UNAUDITED OPERATING INCOME RECONCILIATION
    (Expressed in thousands of United States dollars, except share and per
    share amounts)

                                    Quarter Ended          Nine Months Ended
                                     September 30,           September 30,
                                   2009        2008        2009        2008

    Net income/(loss)          $200,554   $(46,367)      $445,632    $163,783
      Net realized
       investment
       (gains)/losses          (46,861)      76,849      (88,556)      40,500
      Net impairment charges
       recognized in
       earnings                   1,953      75,027        49,390     112,304
      Foreign exchange gain       (273)     (2,728)         (660)     (2,651)
    Operating income           $155,373    $102,781      $405,806    $313,936

    Weighted average common
     shares outstanding:
    Basic                    49,574,266  49,007,389    49,449,809  48,547,839
    Diluted                  52,345,913  50,669,262 *  51,676,006  50,869,098

    Basic per share data:
    Net income / (loss)           $4.05     $(0.95)         $9.01       $3.37
      Net realized
       investment
       (gains)/losses            (0.95)        1.57        (1.79)        0.83
      Net impairment charges
       recognized in
       earnings                    0.04        1.53          1.00        2.32
      Foreign exchange gain      (0.01)      (0.06)        (0.01)      (0.05)
    Operating income              $3.13       $2.09         $8.21       $6.47

    Diluted per share data
    Net income / (loss)           $3.83     $(0.92)*        $8.62       $3.22
      Net realized
       investment
       (gains)/losses            (0.89)        1.52        (1.72)        0.80
      Net impairment charges
       recognized in
       earnings                    0.04        1.48          0.96        2.20
      Foreign exchange gain      (0.01)      (0.05)        (0.01)      (0.05)
    Operating income              $2.97       $2.03         $7.85       $6.17

      * For the net loss for the three months ended September 30, 2008,
      because operating income is positive, we are using the fully diluted
      weighted average common shares outstanding.



    ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD
    UNAUDITED  DILUTED BOOK VALUE PER SHARE RECONCILIATION
    (Expressed in thousands of United States dollars, except share and per
    share amounts)

                                              As of       As of       As of
                                             Sept 30,   December 31, Sept 30,
                                               2009        2008        2008
    Price per share at period end             $47.93      $40.60      $35.52

    Total shareholders' equity             3,078,894   2,416,862   2,272,828

    Basic common shares outstanding       49,602,354  49,036,159  49,022,495

    Add: unvested restricted share units     925,437     971,907     905,621

    Add: Performance based equity awards   1,329,661   1,345,903   1,345,903

    Add: dilutive options/warrants
     outstanding                           6,951,447   6,371,151   6,865,351
      Weighted average exercise price per
       share                                   34.34       33.38       30.79
    Deduct: options bought back via
     treasury method                     (4,980,125) (5,237,965) (5,951,910)

    Common shares and common share
    equivalents outstanding                53,828,774  52,487,155  52,187,460

    Basic book value per common share          $62.07      $49.29      $46.36
    Diluted book value per common share        $57.20      $46.05      $43.55


    ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD
    UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS' EQUITY RECONCILIATION
    (Expressed in thousands of United States dollars, except for percentage
    information)

                                   Quarter Ended         Nine Months Ended
                                    September 30,           September 30,
                                  2009        2008        2009        2008

    Opening shareholders'
     equity                    $2,741,427  $2,378,046  $2,416,862  $2,239,842
    Deduct: accumulated other
     comprehensive income        (48,669)    (39,048)   (105,632)   (136,214)
    Adjusted opening
     shareholders' equity       2,692,758   2,338,998   2,311,230   2,103,628

    Closing shareholders'
     equity                    $3,078,894  $2,272,828  $3,078,894  $2,272,828
    Deduct: accumulated other
     comprehensive
     (income)/loss              (185,043)      19,775   (185,043)      19,775
    Adjusted closing
     shareholders' equity       2,893,851   2,292,603   2,893,851   2,292,603

    Average shareholders'
     equity                    $2,793,305  $2,315,801  $2,602,541  $2,198,116

    Net income/(loss)
     available to shareholders   $200,554   $(46,367)    $445,632    $163,783
    Annualized net
     income/(loss) available
     to shareholders              802,216   (185,468)     594,176     218,377

    Annualized return on
     average shareholders'
     equity - net
     income/(loss) available
     to shareholders                28.7%      (8.0%)       22.8%        9.9%

    Operating income available
     to shareholders             $155,373    $102,781    $405,806    $313,936
    Annualized operating
     income available to
     shareholders                 621,492     411,124     541,075     418,581

    Annualized return on
     average shareholders'
     equity - operating income
     available to shareholders      22.2%       17.8%       20.8%       19.0%

SOURCE Allied World Assurance Company Holdings, Ltd


'/>"/>
SOURCE Allied World Assurance Company Holdings, Ltd
Copyright©2009 PR Newswire.
All rights reserved


Related medicine news :

1. Allied Worlds Eugene Raitt Elected 2010 Chairman of the Board for the Direct Marketing Association
2. Allied Worlds Susan Chmieleski to Speak at American Society for Healthcare Risk Management (ASHRM) Annual Conference and Exhibition
3. Allied World Schedules Third Quarter 2009 Earnings Announcement and Conference Call
4. University of Hawaii-Maui Community College Selects American TeleCare for Allied Health Department's Nursing Telehealth Project
5. Report Finds Significant Job Opportunities for Californians in Allied Health; Questions States Education Capacity To Train Workers
6. Allied Worlds Linda McSmith to Speak at Ohio Association of Ambulatory Surgery Centers Annual Meeting
7. Allied Worlds Nicole Baummer to Speak on Panel at National Employment Practices Liability Insurance ExecuSummit
8. Allied Worlds David Bell to Present as Keynote Speaker at 2009 Entrepreneurial Insurance Symposium
9. All Allied Health Schools Launches "Health Care Community"
10. Allied Worlds Susan Chmieleski to Participate in Hospital Management Asia 2009 Conference
11. Students Connect with Stable Careers Through Updated Medical Assistant Career Resources on All Allied Health Schools
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/6/2016)... ... February 06, 2016 , ... With the FCPX LUT: Summer ... grades to their footage. A LUT is a Lookup Table that contains a mathematical ... color indicated by the table. By manipulating each pixel, LUT's can change each color ...
(Date:2/5/2016)... ... 05, 2016 , ... VeloReality President and co-founder ... LYNX VR Indoor Trainer with multi-rider capability to an enthusiastic audience at the ... reduce the weight of the unit, they also enhance the rider's experience with ...
(Date:2/5/2016)... Santa Rosa, CA (PRWEB) , ... February 05, ... ... are pleased to announce the addition of micro-needling services in their Napa Valley ... appearance. The founders of Plastic Surgery Associates, Dr. Canales and Dr. Furnas, are ...
(Date:2/5/2016)... ... February 05, 2016 , ... US Sports Camps , official operators ... to direct high-performance kids yoga training. ChildLight Yoga Studio is centrally situated in the ... Boston. , ChildLight Yoga Studio founder Lisa Flynn expresses her excitement, “We are thrilled ...
(Date:2/5/2016)... ... February 05, 2016 , ... Boar’s Head Brand®, one of the nation’s ... weekend’s Big Game. Take the stress out of your party preparation – follow these ... at every stage of the game. , “The key to hosting a successful game-day ...
Breaking Medicine News(10 mins):
(Date:2/4/2016)... , Feb. 4, 2016 Worldwide Radiology ... significant growth as next generation systems provide a ... radiology for cancer surgery. New systems pinpoint the ... that has been such a problem previously, limiting ... Radiosurgery robots take cancer surgery far beyond what ...
(Date:2/4/2016)... LONDON , Feb. 4, 2016 ... Summary Global Markets Direct,s, ,Wegener Polyangiitis - ... the Wegener Polyangiitis,s therapeutic pipeline. This report ... Wegener Polyangiitis, complete with comparative analysis at various ... action (MoA), route of administration (RoA) and molecule ...
(Date:2/4/2016)... 2016 Global Immunology Market to 2022 ... long-term market growth Summary Immune-mediated inflammatory ... disorders that affect 5–7% of western populations. Although ... symptoms and key patient demographics, they are pathophysiologically ... and an inappropriate immune response. Generally, disease-modifying anti-rheumatic ...
Breaking Medicine Technology: