Allied World Reports Record Operating Results in Third Quarter 2009; 27.4% Increase in Total Book Value Year to Date; 11% Dividend Increase Announced

PEMBROKE, Bermuda -

Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today reported net income of $200.6 million, or $3.83 per diluted share, for the third quarter of 2009 compared to a net loss of $46.4 million, or $0.95 per diluted share, for the third quarter of 2008. Net income for the nine months ended September 30, 2009 was $445.6 million, or $8.62 per diluted share, compared to net income of $163.8 million, or $3.22 diluted share, for the first nine months of 2008.

The company reported operating income of $155.4 million, or $2.97 per diluted share, for the third quarter of 2009 compared to operating income of $102.8 million, or $2.03 per diluted share, for the third quarter of 2008. Operating income for the nine months ended September 30, 2009 was $405.8 million, or $7.85 per diluted share, compared to operating income of $313.9 million, or $6.17 per diluted share, for the first nine months of 2008.

President and Chief Executive Officer Scott Carmilani commented, “We are very excited to report record operating results in the third quarter 2009 as we continue to effectively manage through the sluggish market environment. The company’s net operating income was $155 million, which is the best quarterly result in our company’s history. This equates to a very impressive 22.2% annualized operating return on shareholders’ equity for the quarter. Given these continued excellent results, we are also announcing that our Board has increased the quarterly dividend by 11%, to $0.20 per share, beginning with our fourth quarter dividend.”

Mr. Carmilani continued, “As we expand our footprint in the specialty insurance market, our sustained excellent results reflect favorably on the strategic decisions we have made in recent years in both our underwriting operations and with our investment portfolio. The results of these decisions have ultimately been reflected through growth in our shareholders’ equity, which is now almost $3.1 billion, up over 27% from the beginning of the year.”

Underwriting Results

Gross premiums written were $401.8 million in the third quarter of 2009, a 38.1% increase compared to $291.0 million in the third quarter of 2008. For the nine months ended September 30, 2009, gross premiums written totaled $1,374.2 million, a 21.1% increase compared to $1,134.6 million in the first nine months of 2008. Net premiums written were $321.0 million in the third quarter of 2009, a 37.2% increase compared to $233.9 million in the third quarter of 2008. For the nine months ended September 30, 2009, net premiums written totaled $1,087.4 million, a 23.5% increase compared to $880.7 million in the first nine months of 2008. These increases were primarily due to the inclusion of the Darwin Professional Underwriters, Inc. (”Darwin”) business and increased direct insurance and assumed reinsurance writings by our other U.S. offices.

Net premiums earned in the third quarter of 2009 were $328.8 million, a 20.9% increase compared to $272.0 million in the third quarter of 2008. For the nine months ended September 30, 2009, net premiums earned totaled $986.4 million, a 21.2% increase from net premiums earned of $813.9 million in the first nine months of 2008. These increases were primarily due to the expansion of our U.S. based insurance operations.

The combined ratio was 70.4% in the third quarter of 2009 compared to 90.2% in the third quarter of 2008. The loss and loss expense ratio was 41.5% in the third quarter of 2009 compared to 64.7% in the third quarter of 2008. During the third quarter of 2009, the company recorded net favorable reserve development on prior loss years of $73.5 million, a benefit of 22.4 percentage points to the company’s loss and loss expense ratio for the quarter. This compares to the third quarter of 2008, where the company recorded net favorable reserve development on prior loss years of $96.9 million, a benefit of 35.6 percentage points to the company’s loss and loss expense ratio for that quarter. Absent prior year reserve adjustments, the loss and loss expense ratio related to the third quarter of 2009 was 63.9% compared to 100.3% for the third quarter of 2008. During the three months ended September 30, 2008, the company experienced higher loss activity, which included losses incurred from Hurricanes Gustav and Ike.

For the nine months ended September 30, 2009, the combined ratio was 76.3% compared to 87.1% in the first nine months of 2008. For the first nine months of 2009, the company recorded net favorable reserve development on prior loss years of $170.3 million, a benefit of 17.3 percentage points to the company’s loss and loss expense ratio. For the first nine months of 2008, the company recorded net favorable reserve development on prior loss years of $189.8 million, a benefit of 23.3 percentage points to the company’s loss and loss expense ratio.

The company’s expense ratio was 28.9% for the third quarter of 2009 compared to 25.5% for the third quarter of 2008. The expense ratio was 29.4% for the nine months ended September 30, 2009 compared to 26.0% in the first nine months of 2008. As part of our ongoing strategic initiatives, the company has significantly expanded its existing U.S. operations. Our overall staff count increased to 628 as of September 30, 2009 from 351 as of September 30, 2008, primarily driven by the additional staff of Darwin. As a result of the increased staff count, salary and employee welfare costs increased by $15.6 million and $44.0 million during the three and nine months ended September 30, 2009, respectively, compared to the same periods in 2008.

Investment Results

Net investment income in the third quarter of 2009 was $73.0 million, a decrease of 5.0% from the $76.9 million of net investment income in the third quarter of 2008. The decrease was primarily due to lower fixed income amortization on securities for which we had previously recognized other-than-temporary impairment (”OTTI”) adjustments. The cumulative adjustment made in the second quarter 2009 effectively eliminated OTTI previously taken by increasing the book value of our fixed maturity investments. For the nine months ended September 30, 2009, net investment income was $227.4 million, an increase of 0.5% over the $226.2 million of net investment income in the first nine months of 2008.

The company recorded net realized investment gains of $46.9 million and $88.6 million for the three and nine months ended September 30, 2009, respectively. As of September 30, 2009 and December 31, 2008, net accumulated unrealized gains were $185.0 million and $105.6 million, respectively. The change in net unrealized investment gains from December 31, 2008 to September 30, 2009 was due to unrealized gains in our fixed-maturity portfolio of $216.3 million primarily resulting from the narrowing of credit spreads across all fixed income classes partially offset by the cumulative effect adjustment of $136.8 million related to the company adopting accounting changes for investments in the second quarter of 2009.

Shareholders’ Equity

As of September 30, 2009, our shareholders’ equity was $3.1 billion, a 12.3% increase in the current quarter and a 27.4% increase compared to shareholders’ equity of $2.4 billion as of December 31, 2008. The increase was primarily the result of net income earned and net unrealized gains on investments recognized during the three and nine months ended September 30, 2009.

The company’s annualized net income return on average shareholders’ equity for the three and nine months ended September 30, 2009 was 28.7% and 22.8%, respectively. The company’s annualized operating return on average shareholders’ equity for the three and nine months ended September 30, 2009 was 22.2% and 20.8%, respectively.

As of September 30, 2009, diluted book value per share was $57.20, an increase of 24.2% compared to $46.05 as of December 31, 2008.

Increased Quarterly Dividend

Allied World announced today that its Board of Directors has declared an increase in the quarterly dividend to $0.20 per common share, an 11% increase. The dividend will be payable on December 10, 2009 to shareholders of record on November 24, 2009.

Investment Supplement

Allied World will be providing additional information on its investment portfolio as of September 30, 2009. This information will be available at the “Investor Relations” section of the company’s website at www.awac.com.

Financial Supplement

A financial supplement relating to the third quarter of 2009 will be available at the “Investor Relations” section of the company’s website at www.awac.com.

Conference Call

Allied World will host a conference call on Friday, November 6, 2009 at 8:00 a.m. (Eastern Time) to discuss the third quarter 2009 financial results. The public may access a live webcast of the conference call at the “Investor Relations” section of the company’s website at www.awac.com. In addition, the conference call can be accessed by dialing +1-800-510-9836 (U.S. and Canada callers) or +1-617-614-3670 (international callers) and entering the passcode 92163598 approximately ten minutes prior to the call.

Following the conclusion of the presentation, a replay of the call will be available through Friday, November 20, 2009 by dialing +1-888-286-8010 (U.S. and Canada callers) or +1-617-801-6888 (international callers) and entering the passcode 71145005. In addition, the webcast will remain available online through Friday, November 20, 2009 at www.awac.com.

Non-GAAP Financial Measures

In presenting the company’s results, management has included and discussed in this press release certain non generally accepted accounting principles (”non-GAAP”) financial measures within the meaning of Regulation G as promulgated by the U.S. Securities and Exchange Commission. 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”).

“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 and foreign exchange gain or loss. The company excludes net realized investment gains or losses, net impairment charges recognized in earnings and net foreign exchange gain or loss from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. The company believes these amounts are largely independent of its business and underwriting process and including them may distort the analysis of trends in its insurance and reinsurance operations. 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 in a manner similar to how management analyzes the company’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income.

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 a better measure of calculating shareholder returns than book value per share.

“Annualized net income return on average shareholders’ equity” (”ROAE”) 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 risk premium 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.

“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 net income return on average shareholders’ equity explanation above.

Reconciliations of these financial measures to their most directly comparable GAAP measures are included in the attached tables.

About Allied World Assurance Company

Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through offices in Bermuda, the United States, Europe and Hong Kong. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company. For further information on Allied World, please visit our website at www.awac.com.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release 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 the ability to recognize the benefits of the Darwin acquisition; pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; investigations of market practices and related settlement terms; 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 including those related to the ongoing financial crisis; 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. 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, LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of United States dollars, except share and per share amounts) Quarter Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Revenues: Gross premiums written $401,837 $290,981 $1,374,216 $1,134,638 Premiums ceded (80,881) (57,078) (286,785) (253,913) Net premiums written 320,956 233,903 1,087,431 880,725 Change in unearned premiums 7,815 38,070 (101,020) (66,804) Net premiums earned 328,771 271,973 986,411 813,921 Net investment income 73,032 76,916 227,423 226,192 Net realized investment gain/(loss) 46,861 (76,849) 88,556 (40,500) Net impairment charges recognized in earnings (1,953) (75,027) (49,390) (112,304) Other income 298 - 1,133 - Total revenue 447,009 197,013 1,254,133 887,309 Expenses: Net losses and loss expenses 136,441 176,010 462,657 497,591 Acquisition costs 36,630 28,615 110,721 81,720 General and administrative expenses 58,586 40,794 179,575 130,445 Interest expense 9,523 9,515 29,492 28,538 Foreign exchange gain (273) (2,728) (660) (2,651) Total expenses 240,907 252,206 781,785 735,643 Income before income taxes 206,102 (55,193) 472,348 151,666 Income tax expense/(recovery) 5,548 (8,826) 26,716 (12,117) NET INCOME (LOSS) $200,554 $(46,367) $445,632 $163,783 PER SHARE DATA: Basic earnings (loss) per share $4.05 $(0.95) $9.01 $3.37 Diluted earnings (loss) per share $3.83 $(0.95) $8.62 $3.22 Weighted average common shares outstanding 49,574,266 49,007,389 49,449,809 48,547,839 Weighted average common shares and common share equivalents outstanding 52,345,913 49,007,389 51,676,006 50,869,098 Dividends declared per share $0.18 $0.18 $0.54 $0.54

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in thousands of United States dollars, except share and per share amounts) As of As of September 30, December 31, ASSETS: 2009 2008 Fixed maturity investments available for sale, at fair value (amortized cost: 2009: $5,464,105; 2008: $5,872,031) $5,673,793 $6,032,029 Fixed maturity investments trading, at fair value 1,372,287 - Other invested assets trading, at fair value 162,125 69,902 Other invested assets available for sale, at fair value (cost: 2009: nil; 2008: $89,229) - 55,199 Total investments 7,208,205 6,157,130 Cash and cash equivalents 345,954 706,267 Securities lending collateral - 171,026 Insurance balances receivable 407,617 347,941 Prepaid reinsurance 198,136 192,582 Reinsurance recoverable 913,964 888,314 Accrued investment income 56,319 50,671 Deferred acquisition costs 102,976 86,181 Goodwill 268,532 268,532 Intangible assets 68,215 71,410 Net balances on purchases and sales of investments - 12,371 Net deferred tax assets 20,984 22,452 Other assets 50,355 47,603 Total assets $9,641,257 $9,022,480 LIABILITIES: Reserve for losses and loss expenses $4,749,602 $4,576,828 Unearned premiums 1,036,933 930,358 Reinsurance balances payable 99,315 95,129 Securities lending payable - 177,010 Net balances on purchases and sales of investments 110,040 - Syndicated loan - 243,750 Senior notes 498,888 498,796 Accounts payable and accrued liabilities 67,585 83,747 Total liabilities $6,562,363 $6,605,618 SHAREHOLDERS’ EQUITY: Common shares, par value $0.03 per share: issued and outstanding 2009: 49,602,354; 2008: 49,036,159 shares $1,488 $1,471 Additional paid-in capital 1,341,661 1,314,785 Retained earnings 1,550,702 994,974 Accumulated other comprehensive income, net of tax 185,043 105,632 Total shareholders’ equity $3,078,894 $2,416,862 Total liabilities and shareholders’ equity $9,641,257 $9,022,480

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD UNAUDITED CONSOLIDATED SEGMENT DATA (Expressed in thousands of United States dollars, except for ratio information) Quarter Ended U.S. International September 30, 2009 Insurance Insurance Reinsurance Total Gross premiums written $169,629 $107,768 $124,440 401,837 Net premiums written 126,600 69,939 124,417 320,956 Net premiums earned 111,558 97,705 119,508 328,771 Other income 298 - - 298 Net losses and loss expenses (42,071) (28,301) (66,069) (136,441) Acquisition costs (14,354) (516) (21,760) (36,630) General and administrative expenses (26,994) (19,866) (11,726) (58,586) Underwriting income 28,437 49,022 19,953 97,412 Net investment income 73,032 Net realized investment gains 46,861 Net impairment charges recognized in earnings (1,953) Interest expense (9,523) Foreign exchange gain 273 Income before income taxes $206,102 GAAP Ratios: Loss and loss expense ratio 37.7% 29.0% 55.3% 41.5% Acquisition cost ratio 12.9% 0.5% 18.2% 11.1% General and administrative expense ratio 24.2% 20.3% 9.8% 17.8% Combined ratio 74.8% 49.8% 83.3% 70.4% Quarter Ended U.S. International September 30, 2008 Insurance Insurance Reinsurance Total Gross premiums written $64,828 $132,612 $93,541 $290,981 Net premiums written 45,674 95,943 92,286 233,903 Net premiums earned 32,034 116,377 123,562 271,973 Net losses and loss expenses (29,728) (88,328) (57,954) 176,010) Acquisition costs (2,852) (1,794) (23,969) (28,615) General and administrative expenses (10,609) (18,483) (11,702) (40,794) Underwriting (loss) income (11,155) 7,772 29,937 26,554 Net investment income 76,916 Net realized investment losses (76,849) Net impairment charges recognized in earnings (75,027) Interest expense (9,515) Foreign exchange gain 2,728 Loss before income taxes $(55,193) GAAP Ratios: Loss and loss expense ratio 92.8% 75.9% 46.9% 64.7% Acquisition cost ratio 8.9% 1.5% 19.4% 10.5% General and administrative expense ratio 33.1% 15.9% 9.5% 15.0% Combined ratio 134.8% 93.3% 75.8% 90.2%

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD UNAUDITED CONSOLIDATED SEGMENT DATA (Expressed in thousands of United States dollars, except for ratio information) Nine Months Ended U.S. International September 30, 2009 Insurance Insurance Reinsurance Total Gross premiums written $505,710 $425,672 $442,834 $1,374,216 Net premiums written 369,912 275,066 442,453 1,087,431 Net premiums earned 327,850 320,706 337,855 986,411 Other income 1,133 - - 1,133 Net losses and loss expenses (143,090) (141,595) (177,972) (462,657) Acquisition costs (42,308) (3,243) (65,170) (110,721) General and administrative expenses (86,518) (58,599) (34,458) (179,575) Underwriting income 57,067 117,269 60,255 234,591 Net investment income 227,423 Net realized investment gains 88,556 Net impairment charges recognized in earnings (49,390) Interest expense (29,492) Foreign exchange gain 660 Income before income taxes $472,348 GAAP Ratios: Loss and loss expense ratio 43.6% 44.2% 52.7% 46.9% Acquisition cost ratio 12.9% 1.0% 19.3% 11.2% General and administrative expense ratio 26.4% 18.3% 10.2% 18.2% Combined ratio 82.9% 63.5% 82.2% 76.3% Nine Months Ended U.S. International September 30, 2008 Insurance Insurance Reinsurance Total Gross premiums written $166,314 $548,433 $419,891 $1,134,638 Net premiums written 104,437 358,036 418,252 880,725 Net premiums earned 93,758 357,116 363,047 813,921 Net losses and loss expenses (68,791) (241,484) (187,316) (497,591) Acquisition costs (8,469) (2,249) (71,002) (81,720) General and administrative expenses (39,452) (59,091) (31,902) (130,445) Underwriting (loss) income (22,954) 54,292 72,827 104,165 Net investment income 226,192 Net realized investment losses (40,500) Net impairment charges recognized in earnings (112,304) Interest expense (28,538) Foreign exchange gain 2,651 Income before income taxes $151,666 GAAP Ratios: Loss and loss expense ratio 73.4% 67.6% 51.6% 61.1% Acquisition cost ratio 9.0% 0.6% 19.6% 10.0% General and administrative expense ratio 42.1% 16.5% 8.8% 16.0% Combined ratio 124.5% 84.7% 80.0% 87.1%

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD UNAUDITED OPERATING INCOME RECONCILIATION (Expressed in thousands of United States dollars, except share and per share amounts) Quarter Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Net income/(loss) $200,554 $(46,367) $445,632 $163,783 Net realized investment (gains)/losses (46,861) 76,849 (88,556) 40,500 Net impairment charges recognized in earnings 1,953 75,027 49,390 112,304 Foreign exchange gain (273) (2,728) (660) (2,651) Operating income $155,373 $102,781 $405,806 $313,936 Weighted average common shares outstanding: Basic 49,574,266 49,007,389 49,449,809 48,547,839 Diluted 52,345,913 50,669,262 * 51,676,006 50,869,098 Basic per share data: Net income / (loss) $4.05 $(0.95) $9.01 $3.37 Net realized investment (gains)/losses (0.95) 1.57 (1.79) 0.83 Net impairment charges recognized in earnings 0.04 1.53 1.00 2.32 Foreign exchange gain (0.01) (0.06) (0.01) (0.05) Operating income $3.13 $2.09 $8.21 $6.47 Diluted per share data Net income / (loss) $3.83 $(0.92)* $8.62 $3.22 Net realized investment (gains)/losses (0.89) 1.52 (1.72) 0.80 Net impairment charges recognized in earnings 0.04 1.48 0.96 2.20 Foreign exchange gain (0.01) (0.05) (0.01) (0.05) Operating income $2.97 $2.03 $7.85 $6.17 * For the net loss for the three months ended September 30, 2008, because operating income is positive, we are using the fully diluted weighted average common shares outstanding.

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD UNAUDITED DILUTED BOOK VALUE PER SHARE RECONCILIATION (Expressed in thousands of United States dollars, except share and per share amounts) As of As of As of Sept 30, December 31, Sept 30, 2009 2008 2008 Price per share at period end $47.93 $40.60 $35.52 Total shareholders’ equity 3,078,894 2,416,862 2,272,828 Basic common shares outstanding 49,602,354 49,036,159 49,022,495 Add: unvested restricted share units 925,437 971,907 905,621 Add: Performance based equity awards 1,329,661 1,345,903 1,345,903 Add: dilutive options/warrants outstanding 6,951,447 6,371,151 6,865,351 Weighted average exercise price per share 34.34 33.38 30.79 Deduct: options bought back via treasury method (4,980,125) (5,237,965) (5,951,910) Common shares and common share equivalents outstanding 53,828,774 52,487,155 52,187,460 Basic book value per common share $62.07 $49.29 $46.36 Diluted book value per common share $57.20 $46.05 $43.55

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS’ EQUITY RECONCILIATION (Expressed in thousands of United States dollars, except for percentage information) Quarter Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Opening shareholders’ equity $2,741,427 $2,378,046 $2,416,862 $2,239,842 Deduct: accumulated other comprehensive income (48,669) (39,048) (105,632) (136,214) Adjusted opening shareholders’ equity 2,692,758 2,338,998 2,311,230 2,103,628 Closing shareholders’ equity $3,078,894 $2,272,828 $3,078,894 $2,272,828 Deduct: accumulated other comprehensive (income)/loss (185,043) 19,775 (185,043) 19,775 Adjusted closing shareholders’ equity 2,893,851 2,292,603 2,893,851 2,292,603 Average shareholders’ equity $2,793,305 $2,315,801 $2,602,541 $2,198,116 Net income/(loss) available to shareholders $200,554 $(46,367) $445,632 $163,783 Annualized net income/(loss) available to shareholders 802,216 (185,468) 594,176 218,377 Annualized return on average shareholders’ equity - net income/(loss) available to shareholders 28.7% (8.0%) 22.8% 9.9% Operating income available to shareholders $155,373 $102,781 $405,806 $313,936 Annualized operating income available to shareholders 621,492 411,124 541,075 418,581 Annualized return on average shareholders’ equity - operating income available to shareholders 22.2% 17.8% 20.8% 19.0%

Source: Allied World Assurance Company Holdings, Ltd

Media: Faye Cook, Vice President, Marketing & Communications, +1-441-278-5406, faye.cook at awac.com, or Investors: Keith J. Lennox, Investor Relations Officer, +1-646-794-0750, keith.lennox at awac.com, both of Allied World Assurance Company Holdings