Allied World Launches Swiss Operating Company
August 31, 2011 at 16:30 PM EDT
ZUG, Switzerland, Aug. 31, 2011 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) today announced the official launch of its Swiss operating company, Allied World Assurance Company, AG.
The new operating company was licensed to underwrite reinsurance and insurance business by the Swiss Financial Market Supervisory Authority (FINMA) on March 31, 2011 and is rated A (strong) by Standard & Poor's.
Scott Carmilani, President and Chief Executive Officer, commented, "We are excited about the launch of our new Swiss operating company which allows Allied World greater proximity to our clients in continental Europe and will broaden our product offerings in this jurisdiction. This is another step forward for our company as we continue to expand our global operating platform."
The company will write direct insurance in Switzerland and will focus on the following lines of business: Professional Lines, including Professional Indemnity, Directors & Officers and Warranties and Indemnity Insurance, and General Casualty. Allied World's reinsurance segment, which has underwritten business out of the Zug branch of its European reinsurance company since September 2008, is now authorized to commence writing treaty agreements both in Switzerland and abroad, through the new Swiss company. Coverages offered will include: Property, General Casualty, Environmental Liability, Employers Liability & Workers Compensation, Accident and Health, Motor, Professional and Management Liability, Representations and Warranties, Contingency, Credit & Surety, Burglary & Theft, Political Risks, Fidelity and Crime, Agriculture, Engineering, Cyber and Technology, Advertising and Media Liability, Tax Opinion and Loss Mitigation, Sabotage and Terrorism, Aviation, and Marine products.
Allied World redomiciled its company headquarters to Zug, Switzerland in 2010.
About Allied World Assurance Company
Allied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of branches and affiliates. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company, and our Lloyd's Syndicate 2232 is rated A+ (Strong) by Standard & Poor's and Fitch. Please visit our website at www.awac.com for further information on Allied World.
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 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; 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; 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.
SOURCE Allied World Assurance Company Holdings, AG