Allied World Bermuda Launches Liability Coverage for Accountable Care Organizations
July 23, 2013 at 11:00 AM EDT
Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Allied World Bermuda has launched a new Accountable Care Organization (ACOs) liability solution product. The product provides coverage for ACOs which are newly emerging healthcare organizations characterized by a payment and care delivery model that ties provider reimbursements to quality of care metrics and reductions in the total cost of care for an assigned population of patients. Last year Allied World launched an ACO product for the U.S. market for companies of any size or make-up, and this year our Bermuda ACO product has been created for the Bermuda-centric healthcare clients who plan to maintain the working layer of the ACO risk – at least USD 1,000,000 – and are looking to secure excess capacity in the marketplace.
Frank D’Orazio, President, Bermuda & International Insurance commented, “Public need, legislative directives and technological advances are challenging the model of how healthcare services are paid for and delivered. Healthcare organizations, particularly newly formed ACOs will face a host of new exposures on many fronts. Our Bermuda healthcare team is well-versed in the new legislation and ready to assist our U.S. insureds and trading partners navigating this new landscape.”
John Telenko, Senior Vice President, Bermuda Branch Manager – Healthcare , further added, “Our team has over a decade of experience insuring healthcare providers, hospitals and physicians — as well as HMOs, PPOs, and IPAs. We understood there was a void in the market to provide a comprehensive and flexible coverage solution addressing the new risks that ACOs will encounter. Our product allows policyholders to select from an array of coverages, addressing unique exposures, to build a policy specialized to meet their distinctive needs.”
Allied World Bermuda’s ACO product is built off a central Errors and Omissions (E&O) policy. ACOs can select different retentions and can also purchase shared or separate limits between certain coverages. Coverage solutions include Errors and Omissions Liability, Regulatory Claims Coverage, Medical Professional Liability (including General Liability), Privacy Liability and Network Risk, Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability and Crime Coverage. Furthermore, a number of coverage solutions come with risk management components built in.
For more information on Allied World’s ACO coverage solution, please contact John Telenko, Senior Vice President, Bermuda Branch Manager – Healthcare at email@example.com.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and Fitch.
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.