UPDATE: Barclays Downgrades Allied World Assurance (AWH) to Underweight; Taking Profits After Year-To-Date Run

(Updated - July 2, 2012 12:40 PM EDT)

Barclays downgraded Allied World Assurance (NYSE: AWH) from Equalweight to Underweight with a $70 price target (from $75.00).

Analyst, Jay Gelb, said, "The stock is up 25% ytd 2012 (vs 6% for the S&P 500) and its valuation now exceeds other Bermuda P&C insurers and reinsurers at 0.92x BV. We are also mindful that the benefit of its substantial reserve releases could slow, which would be a headwind for earnings."

For an analyst ratings summary and ratings history on Allied World Assurance click here. For more ratings news on Allied World Assurance click here.

Shares of Allied World Assurance closed at $79.47 yesterday.

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