Cat losses push AWAC to a 124% combined ratio for 2005
Bermudian (re)insurer Allied World Assurance Holdings (AWAC) has blamed property catastrophe losses for a combined ratio of 124% for the 2005 calendar year, set against a ratio of 95.9% a year earlier. The company also reported an an 8.6% decline in gross premiums over the same period.
In the fourth quarter the company said it incurred net losses of US$83m resulting from Hurricane Wilma the net loss for the twelve months ended December 31, 2005, was US$159.8m, compared to net income
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