Allied World Assurance (AWH) Tops Q3 EPS by $1.06 on Record Net Income; Additional Dividend Announced

Allied World Assurance (NYSE: AWH) reports Q3 EPS of $2.94, $1.06 better than the analyst estimate of $1.88. Revenue for the quarter was $378 million, which compares to the estimate of $341.77 million. AWH declared a quarterly dividend of $0.20 per common share. The dividend will be payable on November 26, 2010 to shareholders of record on November 15, 2010. In addition, the company's Board of Directors also declared a contingent special dividend of $0.25 per share related to the company's redomestication to Switzerland which is expected to take place before the end of the calendar year 2010 President and Chief Executive Officer Scott Carmilani commented, "We are pleased to deliver this growth in shareholder value by reporting record net income for the quarter of $254.5 million. Through good returns on our investment portfolio, recognizing redundancies in our underwriting portfolio from prior underwriting efforts, and solid operating results for this quarter and year, we are reporting a very strong annualized operating return on shareholders' equity of 17.5% for the quarter. We also accelerated our share repurchases during the quarter which has proven to be very effective given the valuation of our stock. Our diluted book value increased 11% for the quarter to $72.40 per share."... Read more

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