Oppenheimer Initiates Allied World Assurance At Outperform

Oppenheimer has published a research report on Allied World Assurance Company Holdings AWH and has initiated coverage on the company with an Outperform rating. In the report, Oppenheimer writes "We are initiating coverage of Allied World Assurance Company (AWH), a specialty insurance and reinsurance provider, with an Outperform rating and a $74 PT. In just ten years, AWH has grown from a Bermuda "start-up" to a global specialty insurance and reinsurance company. Today, Allied World continues to grind out double-digit ROEs and build its global platform, while buying back shares at attractive levels. Although we don't expect a market turn in 2011, we think AWH is uniquely positioned to capitalize on improving market conditions while producing peer-high returns in the meantime." Allied World Assurance Company closed yesterday at $59.88.