Allied World Assurance 8-K Allied World Reports 4.2% Growth In Diluted Book Value Per Share with Strong First Quarter 2013 Results

Exhibit 99.2

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

1st Quarter Ended March 31, 2013

Investor Contact: Sarah Doran		This report is for informational purposes only. It should be read in conjunction with documents filed by Allied World Assurance Company Holdings, AG with the U.S. Securities and Exchange Commission.
Phone:	(646) 794-0590
Email:	sarah.doran@awac.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Any forward-looking statements made in this report reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or security of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management’s response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission (the “SEC”). You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

		Page
	Basis of Presentation	4
I.	Financial Highlights
	- Consolidated Financial Highlights	5
II.	Consolidated Results
	- Consolidated Statements of Operations	6
	- Gross Premiums Written by Segment and Geographic Location	7
	- Gross Premiums Written by Line of Business	8
III.	Segment Results
	- Consolidated Segment Results - Current Quarter	9
	- Consolidated Segment Results - Prior Year Quarter	10
	- Consolidated Incurred Loss Analysis by Segment	11
IV.	Balance Sheet, Cash Flow and Investments
	- Consolidated Balance Sheets	12
	- Consolidated Statement of Cash Flows	13
	- Consolidated Total Investment Portfolio	14
	- Additional Investment Detail	15
	- Investment Income, Book Yield and Portfolio Return	17
	- Reserves for Losses and Loss Expenses	18
	- Reinsurance Recoverable	19
	- Capital Structure and Leverage Ratios	20
V.	Other
	- Share Repurchase Detail	21
	- Operating Income Reconciliation and Basic and Diluted Earnings per Share	22
	- Return on Average Shareholders’ Equity and Reconciliation of Average Shareholders’ Equity	23
	- Reconciliation of Diluted Book Value per Share	24
	- Regulation G	25

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

BASIS OF PRESENTATION

DEFINITIONS AND PRESENTATION

- All financial information contained herein is unaudited.

- Unless otherwise noted, all data is in thousands of U.S. dollars, except for share, per share, percentage and ratio information.

- Allied World Assurance Company Holdings, AG, along with others in the industry, use underwriting ratios as measures of performance. The loss and loss expense ratio is calculated by dividing net losses and loss expenses by net premiums earned. The acquisition cost ratio is calculated by dividing acquisition costs by net premiums earned. The general and administrative expense ratio is calculated by dividing general and administrative expenses by net premiums earned. The expense ratio is calculated by combining the acquisition cost ratio and the general and administrative expense ratio. The combined ratio is calculated by combining the loss and loss expense ratios, the acquisition cost ratio and the general and administrative expense ratio. These ratios are relative measurements that describe for every $100 of net premiums earned, the costs of losses and expenses, respectively. The combined ratio presents the total cost per $100 of earned premium. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting loss.

- In presenting the company’s results, management has included and discussed certain non-generally accepted accounting principles (“non-GAAP”) financial measures, as such term is defined in Regulation G promulgated by the SEC. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the company’s results of operations in a manner that allows for a more complete understanding of the underlying trends in the company’s business. However, these measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (“GAAP”). The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in this financial supplement. See page 25 for further details.

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED FINANCIAL HIGHLIGHTS

	Three Months Ended March 31,
	2013		2012		Change
HIGHLIGHTS
Gross premiums written	$	837,081	$	680,929		22.9%
Net premiums written		695,052		588,953		18.0%
Net premiums earned		463,228		401,890		15.3%
Underwriting income		68,685		59,184		16.1%
Net income		158,992		218,156		(27.1%)
Operating income		84,168		91,505		(8.0%)
Total shareholders’ equity		3,431,963		3,245,821		5.7%
Cash flows from operating activities		13,569		142,817		(90.5%)
PER SHARE AND SHARE DATA
Basic earnings per share
Net income	$	4.59	$	5.86		(21.7%)
Operating income	$	2.43	$	2.46		(1.2%)
Diluted earnings per share
Net income	$	4.49	$	5.70		(21.2%)
Operating income	$	2.38	$	2.39		(0.4%)
Book value per share	$	99.11	$	88.24		12.3%
Diluted book value per share	$	96.50	$	85.48		12.9%
FINANCIAL RATIOS
Annualized return on average equity (ROAE), net income		18.8%		27.4%		(8.6) pts
Annualized ROAE, operating income		10.0%		11.5%		(1.5) pts
Financial statement portfolio return		1.3%		2.0%		(0.7) pts
GAAP ratios
Loss and loss expense ratio		55.1%		56.0%		0.9 pts
Acquisition cost ratio		12.2%		11.7%		(0.5) pts
General and administrative expense ratio		17.8%		17.5%		(0.3) pts
Expense ratio		30.0%		29.2%		(0.8) pts
Combined ratio		85.1%		85.2%		0.1 pts

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended										Three Months Ended
	March 31,		December 31,		September 31,		June 30,		March 31,		March 31,		March 31,
	2013		2012		2012		2012		2012		2013		2012
Revenues
Gross premiums written	$	837,081	$	497,052	$	504,420	$	646,870	$	680,929	$	837,081	$	680,929
Net premiums written	$	695,052	$	362,623	$	391,537	$	494,710	$	588,953	$	695,052	$	588,953
Net premiums earned	$	463,228	$	476,244	$	441,017	$	429,747	$	401,890	$	463,228	$	401,890
Net investment income		33,388		38,360		39,121		42,451		47,209		33,388		47,209
Net realized investment gains		79,637		14,379		149,813		8,663		133,581		79,637		133,581
Total revenues	$	576,253	$	528,983	$	629,951	$	480,861	$	582,680	$	576,253	$	582,680
Expenses
Net losses and loss expenses	$	255,178	$	414,734	$	258,948	$	240,380	$	225,202	$	255,178	$	225,202
Acquisition costs		56,685		55,910		51,086		51,588		47,138		56,685		47,138
General and administrative expenses		82,680		84,404		78,572		73,979		70,366		82,680		70,366
Amortization of intangible assets		633		633		633		634		633		633		633
Interest expense		14,134		13,826		13,822		14,001		13,756		14,134		13,756
Foreign exchange loss (gain)		2,518		860		1,023		(1,019)		(81)		2,518		(81)
Total expenses	$	411,828	$	570,367	$	404,084	$	379,563	$	357,014	$	411,828	$	357,014
Income (Loss) before income taxes	$	164,425	$	(41,384)	$	225,867	$	101,298	$	225,666	$	164,425	$	225,666
Income tax expense (benefit)		5,433		(237)		6,220		4,947		7,510		5,433		7,510
Net income (loss)	$	158,992	$	(41,147)	$	219,647	$	96,351	$	218,156	$	158,992	$	218,156
GAAP Ratios
Loss and loss expense ratio		55.1%		87.1%		58.7%		55.9%		56.0%		55.1%		56.0%
Acquisition cost ratio		12.2%		11.7%		11.6%		12.0%		11.7%		12.2%		11.7%
General and administrative expense ratio		17.8%		17.7%		17.8%		17.2%		17.5%		17.8%		17.5%
Expense ratio		30.0%		29.4%		29.4%		29.2%		29.2%		30.0%		29.2%
Combined ratio		85.1%		116.5%		88.1%		85.1%		85.2%		85.1%		85.2%
Per Share Data
Basic earnings per share
Net income (loss)	$	4.59	$	(1.17)	$	6.16	$	2.66	$	5.86	$	4.59	$	5.86
Operating income (loss)	$	2.43	$	(1.58)	$	2.22	$	2.41	$	2.46	$	2.43	$	2.46
Diluted earnings per share
Net income (loss)	$	4.49	$	(1.17)	$	6.00	$	2.59	$	5.70	$	4.49	$	5.70
Operating income (loss)	$	2.38	$	(1.58)	$	2.16	$	2.35	$	2.39	$	2.38	$	2.39

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

GROSS PREMIUMS WRITTEN BY SEGMENT AND GEOGRAPHIC LOCATION

	Three Months Ended
	March 31, 2013				March 31, 2012
	Amount		% of Total		Amount		% of Total
Gross Premiums Written by Segment
U.S. Insurance	$	256,018		30.6%	$	204,211		30.0%
International Insurance		128,516		15.4%		113,590		16.7%
Reinsurance		452,547		54.0%		363,128		53.3%
Total	$	837,081		100.0%	$	680,929		100.0%
Gross Premiums Written by Underwriting Location
United States	$	478,443		57.2%	$	388,971		57.1%
Bermuda		228,672		27.3%		182,163		26.8%
Europe		86,509		10.3%		75,376		11.1%
Singapore		38,113		4.6%		29,183		4.3%
Hong Kong		5,344		0.6%		5,236		0.7%
Total	$	837,081		100.0%	$	680,929		100.0%
Direct Premiums Written by Insured Location(1)
United States	$	338,943		88.1%	$	271,663		85.5%
United Kingdom		12,811		3.3%		9,268		2.9%
Germany		4,698		1.2%		7,136		2.2%
Australia		4,683		1.2%		5,121		1.6%
Mexico		2,371		0.6%		4,412		1.4%
All other		21,028		5.6%		20,201		6.4%
Total	$	384,534		100.0%	$	317,801		100.0%

(1) Excludes reinsurance segment gross premiums written.

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

GROSS PREMIUMS WRITTEN BY LINE OF BUSINESS

	Three Months Ended
	March 31, 2013				March 31, 2012
	Amount		% of Total		Amount		% of Total
U.S. Insurance
General casualty	$	66,881		26.1%	$	48,426		23.7%
Professional liability		63,086		24.6%		59,202		29.0%
Healthcare		53,522		20.9%		47,035		23.0%
Programs		32,942		12.9%		23,309		11.4%
General property		19,653		7.7%		18,429		9.0%
Other		19,934		7.8%		7,810		3.9%
Total	$	256,018		100.0%	$	204,211		100.0%
International Insurance
General property	$	38,688		30.1%	$	36,741		32.3%
Professional liability		33,159		25.8%		30,944		27.2%
Healthcare		26,528		20.6%		20,039		17.6%
General casualty		23,964		18.6%		21,740		19.1%
Other		6,177		4.9%		4,126		3.8%
Total	$	128,516		100.0%	$	113,590		100.0%
Reinsurance
Property	$	211,615		46.8%	$	153,599		42.3%
Specialty		143,396		31.7%		113,951		31.4%
Casualty		97,536		21.5%		95,578		26.3%
Total	$	452,547		100.0%	$	363,128		100.0%

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED SEGMENT RESULTS – CURRENT QUARTER

	Three Months Ended March 31, 2013
	U.S.		International				Consolidated
	Insurance		Insurance		Reinsurance		Totals
Revenues
Gross premiums written	$	256,018	$	128,516	$	452,547	$	837,081
Net premiums written	$	192,253	$	77,745	$	425,054	$	695,052
Net premiums earned	$	188,439	$	84,214	$	190,575	$	463,228
Total revenues	$	188,439	$	84,214	$	190,575	$	463,228
Expenses
Net losses and loss expenses	$	133,324	$	28,935	$	92,919	$	255,178
Acquisition costs		23,128		(849)		34,406		56,685
General and administrative expenses		39,596		24,789		18,295		82,680
Total expenses	$	196,048	$	52,875	$	145,620	$	394,543
Underwriting (loss) income	$	(7,609)	$	31,339	$	44,955	$	68,685
Net investment income								33,388
Net realized investment gains								79,637
Amortization of intangible assets								(633)
Interest expense								(14,134)
Foreign exchange loss								(2,518)
Income before income taxes							$	164,425
GAAP Ratios
Loss and loss expense ratio		70.8%		34.4%		48.8%		55.1%
Acquisition cost ratio		12.3%		(1.0%)		18.1%		12.2%
General and administrative expense ratio		21.0%		29.4%		9.6%		17.8%
Expense ratio		33.3%		28.4%		27.7%		30.0%
Combined ratio		104.1%		62.8%		76.5%		85.1%

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED SEGMENT RESULTS – PRIOR YEAR QUARTER

	Three Months Ended March 31, 2012
	U.S.		International				Consolidated
	Insurance		Insurance		Reinsurance		Totals
Revenues
Gross premiums written	$	204,211	$	113,590	$	363,128	$	680,929
Net premiums written	$	153,846	$	72,609	$	362,498	$	588,953
Net premiums earned	$	153,358	$	79,871	$	168,661	$	401,890
Total revenues	$	153,358	$	79,871	$	168,661	$	401,890
Expenses
Net losses and loss expenses	$	97,704	$	38,100	$	89,398	$	225,202
Acquisition costs		19,972		(528)		27,694		47,138
General and administrative expenses		31,044		22,401		16,921		70,366
Total expenses	$	148,720	$	59,973	$	134,013	$	342,706
Underwriting income	$	4,638	$	19,898	$	34,648	$	59,184
Net investment income								47,209
Net realized investment gains								133,581
Amortization of intangible assets								(633)
Interest expense								(13,756)
Foreign exchange gain								81
Income before income taxes							$	225,666
GAAP Ratios
Loss and loss expense ratio		63.7%		47.7%		53.0%		56.0%
Acquisition cost ratio		13.0%		(0.7%)		16.4%		11.7%
General and administrative expense ratio		20.2%		28.0%		10.0%		17.5%
Expense ratio		33.2%		27.3%		26.4%		29.2%
Combined ratio		96.9%		75.0%		79.4%		85.2%

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED INCURRED LOSS ANALYSIS BY SEGMENT

	Three Months Ended
	March 31, 2013				March 31, 2012
	Amount		% of NPE(1)		Amount		% of NPE(1)
U.S. Insurance
Current year - non-catastrophe	$	122,777		65.2%	$	104,909		68.4%
Current year - property catastrophe		-		0.0%		-		0.0%
Prior year - increase (decrease)		10,547		5.6%		(7,205)		(4.7%)
Net losses and loss expenses	$	133,324		70.8%	$	97,704		63.7%
International Insurance
Current year - non-catastrophe	$	58,599		69.6%	$	58,397		73.1%
Current year - property catastrophe		-		0.0%		-		0.0%
Prior year - increase (decrease)		(29,664)		(35.2%)		(20,297)		(25.4%)
Net losses and loss expenses	$	28,935		34.4%	$	38,100		47.7%
Reinsurance
Current year - non-catastrophe	$	117,872		61.9%	$	101,378		60.1%
Current year - property catastrophe		-		0.0%		-		0.0%
Prior year - increase (decrease)		(24,953)		(13.1%)		(11,980)		(7.1%)
Net losses and loss expenses	$	92,919		48.8%	$	89,398		53.0%
Consolidated
Current year - non-catastrophe	$	299,248		64.6%	$	264,684		65.8%
Current year - property catastrophe		-		0.0%		-		0.0%
Prior year - increase (decrease)		(44,070)		(9.5%)		(39,482)		(9.8%)
Net losses and loss expenses	$	255,178		55.1%	$	225,202		56.0%

(1) “NPE” means net premiums earned.

Page 11

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED BALANCE SHEETS

	As of       March 31, 2013		As of     December 31, 2012
ASSETS
Fixed maturity investments trading, at fair value	$	6,458,614	$	6,626,454
Equity securities trading, at fair value		593,562		523,949
Other invested assets		838,603		783,534
Total investments		7,890,779		7,933,937
Cash and cash equivalents		662,581		681,879
Restricted cash		66,700		183,485
Insurance balances receivable		667,499		510,532
Funds held		370,580		336,368
Prepaid reinsurance		292,574		277,406
Reinsurance recoverable		1,163,503		1,141,110
Accrued investment income		28,436		29,135
Net deferred acquisition costs		142,151		108,010
Goodwill		268,376		268,376
Intangible assets		50,732		51,365
Balances receivable on sale of investments		219,260		418,879
Net deferred tax assets		27,737		25,580
Other assets		65,170		63,884
TOTAL ASSETS	$	11,916,078	$	12,029,946
LIABILITIES
Reserve for losses and loss expenses	$	5,673,220	$	5,645,549
Unearned premiums		1,465,013		1,218,021
Reinsurance balances payable		118,461		136,264
Balances due on purchases of investments		354,289		759,934
Senior notes		798,284		798,215
Accounts payable and accrued liabilities		74,848		145,628
TOTAL LIABILITIES	$	8,484,115	$	8,703,611
SHAREHOLDERS’ EQUITY
Common shares: 2013: par value CHF 12.30 per share and 2012: par value CHF 12.64 per share (2013: 35,937,751; 2012: 36,369,868 shares issued and 2013: 34,626,361; 2012: 34,797,781 shares outstanding)	$	436,587	$	454,980
Treasury shares, at cost (2013: 1,311,390; 2012: 1,572,087)		(96,353)		(113,818)
Retained earnings		3,091,729		2,985,173
TOTAL SHAREHOLDERS’ EQUITY	$	3,431,963	$	3,326,335
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	11,916,078	$	12,029,946
Book value per share	$	99.11	$	95.59
Diluted book value per share	$	96.50	$	92.59

Page 12

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended										Three Months Ended
	March 31,     2013		December 31,   2012		September 31,   2012		June 30,     2012		March 31,     2012		March 31,     2013		March 31,     2012
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income	$	158,992	$	(41,147)	$	219,647	$	96,351	$	218,156	$	158,992	$	218,156
Adjustments to reconcile net income to cash provided by operating activities:
Net realized gains (losses) on sales of investments		(38,533)		119,490		(16,791)		(34,669)		(12,165)		(38,533)		(12,165)
Mark to market adjustments		(46,112)		45,045		(130,693)		27,602		(122,334)		(46,112)		(122,334)
Stock compensation expense		3,995		4,524		3,824		3,823		5,471		3,995		5,471
Changes in:
Reserve for losses and loss expenses, net of reinsurance recoverables		5,278		131,174		69,359		29,268		52,414		5,278		52,414
Unearned premiums, net of prepaid reinsurance		231,824		(113,621)		(49,481)		64,965		187,061		231,824		187,061
Insurance balances receivable		(156,967)		38,227		65,616		(63,664)		(123,374)		(156,967)		(123,374)
Funds held		(34,212)		(130,149)		25,069		(33,862)		27,395		(34,212)		27,395
Reinsurance balances payable		(17,803)		15,832		(7,874)		35,044		(31,277)		(17,803)		(31,277)
Net deferred acquisition costs		(34,141)		19,517		2,291		(4,173)		(25,311)		(34,141)		(25,311)
Net deferred tax assets		(2,157)		(1,650)		5,308		(8,816)		5,358		(2,157)		5,358
Accounts payable and accrued liabilities		(70,780)		30,811		16,982		22,362		(42,340)		(70,780)		(42,340)
Other items, net		14,185		11,166		(4,811)		24,725		3,763		14,185		3,763
Net cash provided by operating activities		13,569		129,219		198,446		158,956		142,817		13,569		142,817
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES:
Net (purchases) sales of investments		(98,465)		121,770		(536,260)		(99,052)		357,900		(98,465)		357,900
Purchases of fixed assets		(2,378)		(1,173)		(1,162)		(312)		(567)		(2,378)		(567)
Change in restricted cash		116,785		(136,562)		192,453		47,738		(204,506)		116,785		(204,506)
Net cash (used in) provided by investing activities		15,942		(15,965)		(344,969)		(51,626)		152,827		15,942		152,827
CASH FLOWS USED IN FINANCING ACTIVITIES:
Dividends paid — par value reduction		(12,981)		(13,104)		(26,718)		(13,795)		(14,208)		(12,981)		(14,208)
Proceeds from the exercise of stock options		2,472		1,423		2,407		3,365		3,332		2,472		3,332
Share repurchases		(36,245)		(59,196)		(55,797)		(55,926)		(93,023)		(36,245)		(93,023)
Net cash used in financing activities		(46,754)		(70,877)		(80,108)		(66,356)		(103,899)		(46,754)		(103,899)
Effect of exchange rate changes on foreign currency cash		(2,055)		(15)		1,698		(2,510)		245		(2,055)		245
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(19,298)		42,362		(224,933)		38,464		191,990		(19,298)		191,990
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		681,879		639,517		864,450		825,986		633,996		681,879		633,996
CASH AND CASH EQUIVALENTS, END OF YEAR	$	662,581	$	681,879	$	639,517	$	864,450	$	825,986	$	662,581	$	825,986

Page 13

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CONSOLIDATED TOTAL INVESTMENT PORTFOLIO

	March 31, 2013					December 31, 2012
	Fair Value		Average   Rating	Portfolio   Percentage		Fair Value		Average   Rating	Portfolio   Percentage
Cash and cash equivalents	$	729,281	AAA		8.5%	$	865,364	AAA		9.8%
U.S. government securities		1,641,078	AA+		19.0%		1,529,158	AA+		17.3%
U.S. government agencies		350,039	AA+		4.1%		336,755	AA+		3.8%
Non-U.S. government and government agencies		261,191	AA+		3.0%		261,627	AA+		3.0%
State, municipalities and political subdivisions		33,825	AA-		0.4%		40,444	AA-		0.5%
Mortgage-backed securities:
Agency MBS		1,002,048	AA+		11.6%		1,400,917	AA+		15.9%
Non-agency RMBS		85,540	BBB+		1.0%		90,256	BBB+		1.0%
Non-agency high yield mandate		194,400	CCC		2.3%		176,776	CCC		2.0%
CMBS		278,322	AA+		3.2%		290,424	AA+		3.4%
Total mortgage-backed securities		1,560,310			18.1%		1,958,373			22.3%
Corporate securities:
Financials		923,029	A+		10.7%		866,140	A+		9.8%
Industrials		1,219,360	BBB-		14.1%		1,153,909	BBB-		13.1%
Utilities		74,790	BBB-		0.9%		69,153	BBB-		0.8%
Total corporate securities		2,217,179			25.7%		2,089,202			23.7%
Asset-backed securities:
Credit cards		25,023	AAA		0.3%		24,906	AAA		0.3%
Auto receivables		27,671	AAA		0.3%		31,251	AAA		0.4%
Student Loans		110,021	AA+		1.3%		133,042	AA+		1.5%
Collateralized loan obligations		201,924	AA+		2.3%		190,196	AA+		2.2%
Other		30,353	AAA		0.4%		31,500	AAA		0.3%
Total asset-backed securities		394,992			4.6%		410,895			4.7%
Other invested assets:
Private equity		177,955	N/A		2.1%		151,009	N/A		1.7%
Hedge funds		512,185	N/A		5.9%		504,879	N/A		5.7%
Other private securities		128,463	N/A		1.5%		127,646	N/A		1.5%
High yield loan fund		20,000	N/A		0.2%		—	N/A		0.0%
Total other invested assets		838,603			9.7%		783,534			8.9%
Equities		593,562	N/A		6.9%		523,949	N/A		6.0%
Total investment portfolio	$	8,620,060			100.0%	$	8,799,301			100.0%
Annualized book yield, year to date		1.6%					2.1%
Duration*		2.0 years					2.1 years
Average credit quality (S&P)		AA-					AA-

* Includes only cash and cash equivalents and fixed maturity investments.

Page 14

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

ADDITIONAL INVESTMENT DETAIL

Other Invested Assets:					Top 10 Corporate Exposures:
Fund Details	Carrying Value     March 31, 2013		Unfunded     Commitments		Corporate		Fair Value         March 31, 2013		Portfolio       Percentage
Private Equity:					Citigroup Inc.		$	51,854		0.6%
Primary and secondary	$	116,916	$	172,087	Morgan Stanley			48,479		0.6%
Mezzanine debt		52,737		213,057	Bank of America Corp.			44,157		0.5%
Distressed		8,302		6,908	JPMorgan Chase & Co.			41,188		0.5%
Total private equity		177,955		392,052	General Electric Co.			38,073		0.4%
Hedge Funds:					Verizon Communications Inc.			32,643		0.4%
Distressed		139,422		-	Wells Fargo & Co.			29,793		0.3%
Equity long/short		178,914		-	AT&T Inc.			28,482		0.3%
Multi-strategy		125,470		-	Swedbank AB			28,372		0.3%
Global macro		20,630		-	Lloyds Banking Group PLC			26,840		0.3%
Event driven		47,749		-
Total hedge funds		512,185		-
Other private securities		128,463		-
High yield loan fund		20,000		-
Total other invested assets	$	838,603	$	392,052
Fixed Income Credit Quality:	March 31, 2013				December 31, 2012
Rating	Fair Value		Percentage		Fair Value	Percentage
U.S. government and agencies	$	1,991,117		30.8%	$          1,865,913	28.2%
AAA/Aaa		825,752		12.8%	866,692	13.1%
AA/Aa		1,499,156		23.2%	1,905,341	28.8%
A/A		999,706		15.5%	876,080	13.2%
BBB/Baa		398,931		6.2%	393,878	5.9%
Total BBB/Baa and above		5,714,662		88.5%	5,907,904	89.2%
BB/Bb		262,672		4.1%	245,888	3.7%
B/B		312,347		4.8%	262,317	4.0%
CCC+ and below		168,933		2.6%	210,345	3.1%
Total	$	6,458,614		100.0%	$          6,626,454	100.0%

Page 15

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

ADDITIONAL INVESTMENT DETAIL

TOTAL EXPOSURE BY ASSET TYPE AND REGION - MARCH 31, 2013

				Sovereign Guaranteed				Mortgage-Backed Securities						Asset-		Corporate Securities
Region	Country	Sovereign*		Financial Institutions		State and Municipalities		Agency MBS		MBS		CMBS		Backed Securities		Financials		Industrials		Utilities		Equity Securities		Total Exposure
Africa	South Africa	$	8,551	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	6,233	$	-	$	-	$	14,784
Australia	Australia		32,372		47,924		-		-		-		-		-		18,421		24,850		-		16,465		140,032
Europe	Belgium		-		-		-		-		-		-		-		-		18,977		-		-		18,977
	Denmark		-		34,628		-		-		-		-		-		-		-		-		-		34,628
	France		-		-		-		-		-		-		4,411		20,852		22,131		-		6,012		53,406
	Germany		27,868		43,101		-		-		-		4,355		2,382		1,323		8,594		-		-		87,623
	Ireland		-		-		-		-		-		-		1,340		-		849		-		-		2,189
	Italy		-		-		-		-		-		-		-		484		777		1,851		-		3,112
	Luxembourg		-		-		-		-		-		-		-		-		19,821		-		-		19,821
	Netherlands		-		38,656		-		-		-		-		-		29,116		16,182		-		12,075		96,029
	Norway		6,835		-		-		-		-		-		-		21,321		2,783		-		11,054		41,993
	Russia		-		-		-		-		-		-		-		2,594		9,569		2,163		-		14,326
	Spain		-		-		-		-		-		-		-		11,107		13,575		-		-		24,682
	Sweden		5,965		-		-		-		-		-		-		44,971		-		-		-		50,936
	Switzerland		8,520		-		-		-		-		-		-		13,728		253		-		30,285		52,786
	United Kingdom		24,323		5,157		-		-		2,280		-		15,393		51,373		66,615		439		4,763		170,343
	Total		73,511		121,542		-		-		2,280		4,355		23,526		196,869		180,126		4,453		64,189		670,851
Latin	Brazil		-		-		-		-		-		-		-		699		4,424		-		-		5,123
America	Chile		-		-		-		-		-		-		-		449		-		-		6,609		7,058
	Colombia		-		-		-		-		-		-		-		-		-		-		-		-
	Mexico		10,108		-		-		-		-		-		-		-		1,851		-		9,588		21,547
	Panama		-		-		-		-		-		-		-		-		-		-		-		-
	Puerto Rico		-		-		-		-		-		-		-		-		192		-		-		192
	Total		10,108		-		-		-		-		-		-		1,148		6,467		-		16,197		33,920
North	Bermuda		-		-		-		-		-		-		-		-		2,148		-		2,873		5,021
America	Canada		66,114		-		-		-		-		-		-		65,861		42,169		7,544		19,436		201,124
	Cayman Islands		-		-		-		-		-		-		171,338		-		184		-		-		171,522
	United States		2,018,551		-		33,825		1,002,048		206,551		345,076		200,128		489,789		942,371		59,559		320,233		5,618,131
	Total		2,084,665		-		33,825		1,002,048		206,551		345,076		371,466		555,650		986,872		67,103		342,542		5,995,798
Asia /	China		-		-		-		-		-		-		-		-		-		-		78,204		78,204
Middle East	Hong Kong		-		-		-		-		-		-		-		-		-		-		4,836		4,836
	India		-		-		-		-		-		-		-		-		-		-		-		-
	Indonesia		-		-		-		-		-		-		-		-		-		-		5,943		5,943
	Israel		-		-		-		-		-		-		-		-		628		-		8,729		9,357
	Japan		-		-		-		-		-		-		-		22,400		10,187		-		11,885		44,472
	Malaysia		-		-		-		-		-		-		-		-		-		-		-		-
	Philippines		-		-		-		-		-		-		-		-		-		-		9,045		9,045
	Qatar		-		-		-		-		-		-		-		-		-		-		-		-
	Singapore		-		-		-		-		-		-		-		-		-		-		35,527		35,527
	South Korea		-		-		-		-		-		-		-		2,176		-		3,234		-		5,410
	Taiwan		-		-		-		-		-		-		-		-		3,997		-		-		3,997
	UAE		-		-		-		-		-		-		-		-		-		-		-		-
	Total		-		-		-		-		-		-		-		24,576		14,812		3,234		154,169		196,791
	Grand Total	$	2,209,207	$	169,466	$	33,825	$	1,002,048	$	208,831	$	349,431	$	394,992	$	796,664	$	1,219,360	$	74,790	$	593,562	$	7,052,176

*Allied World has no direct exposure to any of the Sovereign governments of Portugal, Italy, Ireland, Greece or Spain.

Page 16

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

INVESTMENT INCOME, BOOK YIELD AND PORTFOLIO RETURN

	Three Months Ended
	March 31,         2013		March 31,         2012
NET INVESTMENT INCOME
Fixed maturity investments	$	32,525	$	46,886
Equity securities		3,199		3,532
Other invested assets: hedge funds and private equity		1,464		542
Cash and cash equivalents		488		607
Expenses		(4,288)		(4,358)
Net investment income	$	33,388	$	47,209
NET REALIZED INVESTMENT GAINS
Net realized gains (losses) on sale:
Fixed maturity investments	$	21,926	$	26,437
Equity securities		9,796		(2,623)
Other invested assets: hedge funds and private equity		5,562		(6,552)
Mark-to-market changes:
Fixed maturity investments		(16,475)		68,490
Equity securities		32,973		19,785
Other invested assets: hedge funds and private equity		26,832		21,360
Net realized and unrealized (losses) gains on derivatives		(977)		6,684
Net realized investment gains	$	79,637	$	133,581
CHANGE NET UNREALIZED GAINS ON INVESTMENTS	$	-	$	(14,042)
TOTAL FINANCIAL STATEMENT PORTFOLIO RETURN	$	113,025	$	166,748
ANNUALIZED INVESTMENT BOOK YIELD
Net investment income, recurring	$	33,388	$	47,209
Annualized net investment income		133,552		188,836
Average aggregate invested assets, at cost	$	8,202,863	$	8,023,360
Annualized investment book yield		1.6%		2.4%
FINANCIAL STATEMENT PORTFOLIO RETURN
Total financial statement portfolio return	$	113,025	$	166,748
Average aggregate invested assets, at fair value	$	8,471,639	$	8,159,205
Financial statement portfolio return		1.3%		2.0%

Page 17

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

RESERVE FOR LOSSES AND LOSS EXPENSES

	As of March 31, 2013
	U.S.         Insurance		International       Insurance		Reinsurance		Consolidated       Total
Case reserves (net of reinsurance recoverable)	$	432,834	$	403,865	$	471,939	$	1,308,638
IBNR (net of reinsurance recoverable)		1,004,840		1,207,560		988,679		3,201,079
Total	$	1,437,674	$	1,611,425	$	1,460,618	$	4,509,717
IBNR/Total reserves (net of reinsurance recoverable)		69.9%		74.9%		67.7%		71.0%
	As of December 31, 2012
	U.S.         Insurance		International       Insurance		Reinsurance		Consolidated       Total
Case reserves (net of reinsurance recoverable)	$	402,473	$	422,859	$	479,546	$	1,304,878
IBNR (net of reinsurance recoverable)		978,414		1,223,229		997,918		3,199,561
Total	$	1,380,887	$	1,646,088	$	1,477,464	$	4,504,439
IBNR/Total reserves (net of reinsurance recoverable)		70.9%		74.3%		67.5%		71.0%

Page 18

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

REINSURANCE RECOVERABLE

	March 31, 2013							December 31, 2012
Top Ten Reinsurers	A.M. Best   Rating	Reinsurance   Recoverable		Percentage		Collateral		A.M. Best   Rating	Reinsurance   Recoverable		Percentage		Collateral
Munich Re	A+	$	171,089		14.7%	$	41,638	A+	$	165,036		14.5%	$	26,379
Arch Re	A+		149,042		12.8%		3,857	A+		148,553		13.0%		6,318
Axis Capital	A		138,192		11.9%		6,485	A		137,459		12.0%		17,046
Platinum Underwriters	A		105,476		9.1%		-	A		104,536		9.2%		-
Odyssey Reinsurance Company	A		86,604		7.4%		-	A		86,854		7.6%		-
Alterra Capital	A		78,557		6.8%		41,512	A		76,649		6.7%		53,936
National Indemnity Company	A++		60,731		5.2%		-	A++		60,708		5.3%		-
XL Group	A		60,685		5.2%		30,424	A		57,142		5.0%		30,409
Transatlantic Holdings, Inc.	A		53,836		4.6%		-	A		54,337		4.8%		-
Swiss Re	A+		37,275		3.2%		-	A+		32,080		2.8%		-
Top ten reinsurers			941,487		80.9%		123,916			923,354		80.9%		134,088
Other reinsurers’ balances			222,016		19.1%		14,343			217,756		19.1%		12,452
Total reinsurance recoverable		$	1,163,503		100.0%	$	138,259		$	1,141,110		100.0%	$	146,540
A.M Best Rating		Reinsurance Recoverable		Percentage		Collateral			Reinsurance Recoverable		Percentage		Collateral
A++		$	77,767		6.7%	$	-		$	78,053		6.7%	$	-
A+			448,985		38.6%		52,423			440,027		38.6%		38,963
A			627,254		53.9%		84,572			612,780		53.7%		107,577
A-			824		0.1%		-			592		0.1%		-
Total “A-” or higher			1,154,830		99.3%		136,995			1,131,452		99.1%		146,540
B++			4,083		0.4%		1,264			5,296		0.5%		-
NR			4,590		0.4%		-			4,362		0.4%		-
Total reinsurance recoverable		$	1,163,503		100.0%	$	138,259		$	1,141,110		100.0%	$	146,540

Page 19

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

CAPITAL STRUCTURE AND LEVERAGE RATIOS

	As of		As of
	March 31, 2013		December 31, 2012
Senior notes	$	798,284	$	798,215
Shareholders’ equity		3,431,963		3,326,335
Total capitalization	$	4,230,247	$	4,124,550
Leverage ratios
Debt to total capitalization		18.9%		19.4%
Net premiums written (trailing 12 months)	$	1,943,922	$	1,837,823
Net premiums written (trailing 12 months) to shareholders’ equity		0.57 x		0.55 x
Total investments and cash & cash equivalents	$	8,620,060	$	8,799,301
Total investments and cash & cash equivalents to shareholders’ equity		2.51 x		2.65 x
Reserve for losses and loss expenses	$	5,673,220	$	5,645,549
Deduct: reinsurance recoverable		(1,163,503)		(1,141,110)
Net reserve for losses and loss expenses	$	4,509,717		4,504,439
Net reserve for losses and loss expenses to shareholders’ equity		1.31 x		1.35 x

Page 20

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

SHARE REPURCHASE DETAIL

Period	Aggregate Cost   of Shares Repurchased		Number of Shares     Repurchased		Average Price paid Per Share     Repurchased		Average Diluted Book   Value Per Share(1)		Average Repurchase   Price to Diluted   Book Value		Remaining Share Repurchase      Authorization
Three Months Ended:
March 31, 2012	$	93,023		1,430,804	$	65.01	$	82.80		78.5%
June 30, 2012		66,436		905,383		73.38		86.86		84.5%
September 30, 2012		47,590		605,898		78.54		91.03		86.3%
December 31, 2012		56,893		713,874		79.70		93.21		85.5%
Total - 2012	$	263,942		3,655,959	$	72.20	$	87.20		82.8%
Three Months Ended:
March 31, 2013	$	36,245		432,117	$	83.88	$	94.55		88.7%
Total - 2013	$	36,245		432,117	$	83.88	$	94.55		88.7%	$	373,986

(1) Average of beginning and ending diluted book value per share for each period presented and weighted average total.

Page 21

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

OPERATING INCOME RECONCILIATION AND

BASIC AND DILUTED EARNINGS PER SHARE INFORMATION

	Three Months Ended										Three Months Ended
	March 31,     2013		December 31,   2012		September 30,   2012		June 30,     2012		March 31,     2012		March 31,     2013		March 31,     2012
Net income (loss)	$	158,992	$	(41,147)	$	219,647	$	96,351	$	218,156	$	158,992	$	218,156
Add after tax effect of:
Net realized investment gains		(77,342)		(15,104)		(141,451)		(8,014)		(126,570)		(77,342)		(126,570)
Foreign exchange loss (gain)		2,518		860		1,023		(1,019)		(81)		2,518		(81)
Operating income (loss)	$	84,168	$	(55,391)	$	79,219	$	87,318	$	91,505	$	84,168	$	91,505
Weighted average common shares outstanding
Basic		34,613,606		35,097,043		35,652,768		36,288,596		37,205,166		34,613,606		37,205,166
Diluted		35,431,843		35,097,043		36,616,734		37,189,722		38,284,635		35,431,843		38,284,635
Basic per share data
Net income (loss)	$	4.59	$	(1.17)	$	6.16	$	2.66	$	5.86	$	4.59	$	5.86
Add after tax effect of:
Net realized investment gains		(2.23)		(0.43)		(3.97)		(0.22)		(3.40)		(2.23)		(3.40)
Foreign exchange loss (gain)		0.07		0.02		0.03		(0.03)		-		0.07		-
Operating income (loss)	$	2.43	$	(1.58)	$	2.22	$	2.41	$	2.46	$	2.43	$	2.46
Diluted per share data
Net income (loss)	$	4.49	$	(1.17)	$	6.00	$	2.59	$	5.70	$	4.49	$	5.70
Add after tax effect of:
Net realized investment gains		(2.18)		(0.43)		(3.86)		(0.22)		(3.31)		(2.18)		(3.31)
Foreign exchange loss (gain)		0.07		0.02		0.02		(0.02)		-		0.07		-
Operating income (loss)	$	2.38	$	(1.58)	$	2.16	$	2.35	$	2.39	$	2.38	$	2.39

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

RETURN ON AVERAGE SHAREHOLDERS’ EQUITY AND RECONCILIATION OF AVERAGE SHAREHOLDERS’ EQUITY

	Three Months Ended											Three Months Ended
	March 31, 2013		December 31, 2012		September 30, 2012			June 30, 2012		March 31, 2012		March 31, 2013		March 31, 2012
Opening shareholders’ equity	$	3,326,335	$	3,435,786	$	3,283,901		$	3,245,821	$	3,149,022	$	3,326,335	$	3,149,022
Deduct: accumulated other comprehensive income		-		(1,385)		(1,414)			(2,325)		(14,484)		-		(14,484)
Adjusted opening shareholders’ equity	$	3,326,335	$	3,434,401	$	3,282,487		$	3,243,496	$	3,134,538	$	3,326,335	$	3,134,538
Closing shareholders’ equity	$	3,431,963	$	3,326,335	$	3,435,786		$	3,283,901	$	3,245,821	$	3,431,963	$	3,245,821
Deduct: accumulated other comprehensive income		-		-		(1,385)			(1,414)		(2,325)		-		(2,325)
Adjusted closing shareholders’ equity	$	3,431,963	$	3,326,335	$	3,434,401		$	3,282,487	$	3,243,496	$	3,431,963	$	3,243,496
Average adjusted shareholders’ equity	$	3,379,149	$	3,380,368	$	3,358,444		$	3,262,992	$	3,189,017	$	3,379,149	$	3,189,017
Net income (loss) available to shareholders	$	158,992	$	(41,147)	$	219,647		$	96,351	$	218,156	$	158,992	$	218,156
Annualized net income (loss) available to shareholders	$	635,968	$	(164,588)	$	878,588		$	385,404	$	872,624	$	635,968	$	872,624
Annualized return on average shareholders’ equity - net income (loss) available to shareholders		18.8%		(4.9%)		26.2%			11.8%		27.4%		18.8%		27.4%
Operating income (loss) available to shareholders	$	84,168	$	(55,391)	$	79,219	��	$	87,318	$	91,505	$	84,168	$	91,505
Annualized operating income (loss) available to shareholders	$	336,672	$	(221,564)	$	316,876		$	349,272	$	366,020	$	336,672	$	366,020
Annualized return on average shareholders’ equity - operating income (loss) available to shareholders		10.0%		(6.6%)		9.4%			10.7%		11.5%		10.0%		11.5%

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

RECONCILIATION OF DILUTED BOOK VALUE PER SHARE

	As of         March 31,         2013		As of       December 31,       2012		As of         March 31,         2012
Price per share at period end	$	92.72	$	78.80	$	68.67
Total shareholders’ equity	$	3,431,963	$	3,326,335	$	3,245,821
Basic common shares outstanding		34,626,361		34,797,781		36,786,067
Add: unvested restricted share units		91,159		135,123		187,623
Add: performance based equity awards		272,062		485,973		524,888
Add: employee purchase plan		5,616		10,750		-
Add: dilutive options outstanding		1,166,137		1,224,607		1,429,333
Weighted average exercise price per share	$	47.34	$	47.02	$	45.98
Deduct: options bought back via treasury method		(595,451)		(730,652)		(957,064)
Common shares and common share equivalents outstanding		35,565,884		35,923,582		37,970,847
Basic book value per common share	$	99.11	$	95.59	$	88.24
Year-to-date percentage change in basic book value per common share		3.7%		8.3%
Diluted book value per common share	$	96.50	$	92.59	$	85.48
Year-to-date percentage change in dilutive book value per common share		4.2%		8.3%

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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

REGULATION G

In presenting the company’s results, management has included and discussed certain non-GAAP financial measures. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the company’s results of operations in a manner that allows for a more complete understanding of the underlying trends in the company’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP.

OPERATING INCOME

Operating income is an internal performance measure used by the company in the management of its operations and represents after-tax operational results excluding, as applicable, net realized investment gains or losses, net impairment charges recognized in earnings, net foreign exchange gain or loss, and other non-recurring items. The company excludes net realized investment gains or losses, net impairment charges recognized in earnings, net foreign exchange gain or loss and other non-recurring items from its calculation of operating income because these amounts are heavily influenced by and fluctuate in part according to the availability of market opportunities and other factors. In addition to presenting net income determined in accordance with GAAP, the company believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the company’s results of operations and the company’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. See page 22 for the reconciliation of operating income to net income.

ANNUALIZED RETURN ON AVERAGE SHAREHOLDERS’ EQUITY (“ROAE”)

Annualized return on average shareholders’ equity is calculated using average shareholders’ equity, excluding the average after tax unrealized gains or losses on investments. Unrealized gains (losses) on investments are primarily the result of interest rate and credit spread movements and the resultant impact on fixed income securities. Such gains (losses) are not related to management actions or operational performance, nor are they likely to be realized. Therefore, the company believes that excluding these unrealized gains (losses) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. In calculating ROAE, the net income (loss) available to shareholders for the period is multiplied by the number of such periods in a calendar year in order to arrive at annualized net income (loss) available to shareholders. The company presents ROAE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 23 for the reconciliation of average shareholders’ equity.

ANNUALIZED OPERATING RETURN ON AVERAGE SHAREHOLDERS’ EQUITY

Annualized operating return on average shareholders’ equity is calculated using operating income (as defined above and annualized in the manner described for net income (loss) available to shareholders under ROAE above), and average shareholders’ equity, excluding the average after tax unrealized gains (losses) on investments. Unrealized gains (losses) are excluded from equity for the reasons outlined in the annualized return on average shareholders’ equity explanation above. See page 22 for the reconciliation of net income to operating income and page 23 for the reconciliation of average shareholders’ equity.

DILUTED BOOK VALUE PER SHARE

The company has included diluted book value per share because it takes into account the effect of dilutive securities; therefore, the company believes it is an important measure of calculating shareholder returns. See page 24 for the reconciliation of diluted book value per share to basic book value per share.

ANNUALIZED INVESTMENT BOOK YIELD

Annualized investment book yield is calculated by dividing normalized net investment income by average aggregate invested assets at book value. In calculating annualized investment book yield, normalized net investment income for the period is multiplied by the number of such periods in a calendar year in order to arrive at annualized net investment income. Normalized net investment income is adjusted for known annual or non-recurring items. Aggregate invested assets includes cash and cash equivalents, fixed maturity securities, equity securities, other invested assets and the net balances receivable or payable on purchases and sales of investments. The company utilizes and presents the investment yield in order to better disclose the performance of the company’s investments and to show the components of the company’s ROAE. See page 17 for the calculation of annualized investment book yield.

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