Allied World ran up net catastrophe losses of $US11 million ($14.7 million) in the first quarter due to claims associated with Australia’s recent Cyclone Debbie, as its combined operating ratio blew out to 99.1% from 96% in the corresponding period last year.

The Swiss-based (re)insurer, which is about to be acquired by Canada’s Fairfax Financial Holdings, had no reportable catastrophe losses in the March quarter last year.

Net profit increased to $US80.3 million ($107.28 million) from $US74.1 million ($99 million), with growth in the North American market compensating for weakness in the rest of the world.

North American insurance gross written premium (GWP) increased to $US396.76 million ($530.14 million) from $US379.18 million ($506.65 million).

GWP for global markets insurance fell to $US115.78 million ($154.7 million) from $US115.53 million ($154.37 million), and reinsurance GWP declined to $US348.33 million ($465.44 million) from $US368.83 million ($492.83 million).

Net investment income fell to $US52.31 million ($69.9 million) from $US53.25 million ($71.15 million).