is de-emphasizing some business lines in a bid to improve the underwriting profitabilityof its global markets insurance segment, Chairman, President and CEO Scott Carmilanisaid during an earnings call.
Carmilanisaid the challenging international rate environment continued to weigh on AlliedWorld's global markets insurance segment. Rate reductions and business losses inEuropean and Lloyds operations resulted in the quarter-over-quarter decline of thesegment's gross premiums written in the second quarter, according to the CEO.
AlliedWorld is reducing its focus on some lines of business, including aviation and marinehull, and making changes to how it writes property business in a few territories,the CEO said. He did not offer further details on the plan.
AlliedWorld is targeting organic growth opportunities in Asia-Pacific. The CEO said theinsurer has seen modest growth in the region in the second quarter.
Carmilanisaid North America continues to have a strong rate environment.
"NorthAmerica is the biggest market. North America today has the best rate environment.So, if you were to fast forward to what the world looks like right now in the next18 months, that certainly will be the driver both from an insurance and reinsuranceand from an east versus west sort of components of the portfolio," the CEOsaid.