Allied World Assurance Company Holdings Ltd, the Bermudian-based global provider of insurance and reinsurance, has recorded a 3 per cent jump in gross premiums written in the third quarter of the year.

GPW for the period was $1.67 billion, which compares with $1.62 billion in the prior year quarter.

At the year’s three-quarter mark, GPW was $5.69 billion, which compares with $5.38 billion for the first nine months of 2023.

Net premiums written in the quarter were up 2.1 per cent to $1.13 billion, which compares with $1.11 billion in the prior year quarter.

For the first nine months of the year, NPW were $4.12 billion, up 6.2 per cent on the 2023 figure of $3.88 billion.

AWAC’s undiscounted combined ratio in the quarter was 88.5 per cent, which compares with 89.3 per cent in the prior year quarter.

The combined ratio for the first nine months of the year was 91 per cent, up from 90.6 per cent for the same period in 2023.

The news came as AWAC’s parent, Toronto-based Fairfax Financial Holdings Ltd, announced net earnings of $1,030.8 million in the third quarter of 2024, primarily reflecting increased adjusted operating income of $1,136.8 million and net gains on investments.

Prem Watsa, chairman and chief executive, said: “Our underwriting performance in the third quarter of 2024 was outstanding, with our property and casualty insurance and reinsurance companies reporting a consolidated combined ratio of 93.9 per cent and consolidated underwriting profit of $389.7 million, on an undiscounted basis, despite higher current period catastrophe losses of $434.5 million.

“Gross and net premiums written grew by 13.9 per cent and 10 per cent, reflecting the acquisition of Gulf Insurance, which added $778.4 million in gross premiums written and $420.5 million in net premiums written. Excluding Gulf Insurance, gross and net premiums written grew by 3.2 per cent and 2.8 per cent.

“Net gains on investments of $1,287.3 million in the quarter was principally comprised of mark to market gains on bonds of $828.6 million and mark to market gains on common stocks of $322.9 million.

“We remain focused on being soundly financed and ended the quarter with approximately $2 billion of cash and marketable securities and an additional $2.1 billion, at fair value, of investments in associates and consolidated non-insurance companies owned by the holding company.”