The following ratings changes were generated on Thursday, Dec. 18.
We've upgraded specialty insurance company Allied World Assurance(AWH Quote) from sell to hold. Strengths include its largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, we also find weaknesses including deteriorating net income, weak operating cash flow and a decline in the stock price during the past year.
Allied World's debt-to-equity ratio is very low at 0.22 and is currently below that of the industry average, implying very successful management of debt levels. Revenue fell by 44.6% since the same quarter a year ago, decreasing EPS. Net income decreased to -$46.4 million from $108.96 million, underperforming the S&P 500 and the insurance industry. Net operating cash flow decreased to $133.3 million, or 42%. ...
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