Allied World Approved to Launch New Managing Agency at Lloyd’s
March 31, 2014 at 05:30 AM EDT
Allied World Assurance Company Holdings, AG (NYSE:AWH) announced today that it has received approval from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to establish its own Lloyd’s managing agent, Allied World Managing Agency Limited, effective April 1, 2014, to manage Allied World’s syndicate 2232.
Syndicate 2232 commenced operations at Lloyd’s in June 2010 and was previously managed by Capita Managing Agency Limited. The syndicate underwrites a diverse range of insurance and reinsurance product lines including: international property, general casualty, professional lines and international treaty. Syndicate 2232 targets key territories in the Latin America and Asia Pacific regions as well as emerging markets in the Middle East and Africa; it now writes nine lines of business and its capacity has increased from £26 million in 2010 to £121 million for 2014.
Darren Powell, Active Underwriter for Syndicate 2232, commented, “We are delighted that Lloyd’s, the PRA and FCA have recognized our commitment to the market and the hard work we have put in to get to this stage. Launching our own managing agency at Lloyd’s has been a primary objective for our team. We are also appreciative of the efforts of the team at Capita who helped get Syndicate 2232 up and running and who have helped to make this transition as seamless as possible.”
Julian James, President for Allied World Europe, added, “The establishment of Allied World Managing Agency Limited at Lloyd’s is another significant step for our European platform. We continue growing, expanding our presence in the primary market and providing our trading partners and clients with innovative products and services to meet their evolving challenges. We will continue to work with Lloyd’s as a key partner to expand our product offerings in the European market and enter new territories across the globe.”
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 adequacy of our loss reserves; negative rating agency actions; greater frequency or severity of unpredictable catastrophic events; the impact of acts of terrorism and acts of war; 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.