Allied World Assurance Company got off to a strong start in 2015, said president and CEO Scott Carmilani, as he commented on first quarter results that included a combined ratio of 88.1 per cent, up from 79.9 per cent during the same period last year.

The Switzerland-based company, which has offices in Bermuda and was once domiciled on the Island, completed the acquisitions of Royal & Sun Alliance Insurance’s Hong Kong and Singapore operations on April 1.

Allied World’s net income for the first three months of the year were $124.4 million, or $1.27 per diluted share, compared with a net income of $177 million in the first quarter of 2014. The company’s underwriting income was $67.5 million, down from $106.9 million a year ago.

“Allied World is off to a strong start in 2015. Our North American insurance segment continues to gain scale and see attractive rate increases. We are pleased to have completed our acquisitions of the RSA Hong Kong and Singapore operations and are looking forward to completing the combination of our platforms as we continue to grow our global markets insurance segment,” said Mr Carmilani.

During the first three months of the year Allied World repurchased 1.3 million common shares, totalling $50.9 million. Its gross premiums written in North American insurance were up 10.1 per cent between January and the end of March, in comparison to the same period a year ago.