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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

pense 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

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SOURCE Allied World Assurance Company Holdings, Ltd
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