Investment gains helped Allied World Assurance Company Holdings Ltd. to a 15 percent increase in net income for the first quarter of this year.
The Bermuda-based insurer and reinsurer reported net income of $130.9 million for the quarter compared to $113.9 million for the same period in 2007.
The company said net written premiums declined $31.2 million to $326.6 million in the quarter. Allied World attributed the drop in written premium to the nonrenewal of business that did not meet underwriting requirements with respect to both pricing and terms and conditions.
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