Allied World Offers Innovative Insurance Product to Airbus’ Customers
March 02, 2015 at 04:30 AM EST
Allied World Assurance Company Holdings, AG (NYSE:AWH) announced today that Allied World Europe and Airbus have entered into a relationship whereby Allied World will offer complimentary aircraft hull insurance to airlines that purchase Airbus’ Runways Overrun Prevention System (“ROPS”). ROPS is an innovative, performance-based alerting system that assists in preventing runway overruns, which is believed to be one of the most frequent causes of aircraft accidents today. ROPS is certified by the European Aviation Safety Agency (EASA), Federal Aviation Administration (FAA) and Civil Aviation Administration of China (CAAC), is in operation on approximately 200 aircraft, including A320, A350 and A380, and has been selected by operators of 1,500 aircraft to be delivered.
Olivier Marre, Allied World’s Senior Vice President, Aviation, said “We are very proud to be entering into a relationship with Airbus to create genuine innovation in the field of aircraft safety. We see ROPS as an integral tool in reducing the frequency of aircraft accidents, and believe that this unique product will eventually benefit not only airlines and their passengers but also insurers. We are pleased to offer complimentary aircraft hull insurance to airlines that share this vision of safety and risk mitigation.”
Julian James, President, Allied World Global Markets, said “We believe this is the first time in the field of aviation that a technical product meets insurance to create an innovative and integrated risk management solution for aircraft operators. Our relationship with Airbus is just one example of the innovation that is such a core part of the Allied World brand, and exemplary of what we want to achieve in the Global Markets insurance platform to meet the needs of our clients and trading partners.”
Didier Lux, Executive Vice President Customer Services Airbus said “We are pleased to work with Allied World to create a business innovation enabling Airbus’ operators to optimize their insurance costs by selecting ROPS for their Airbus aircraft. Such initiative is yet another example where innovative technology and services meet for the benefit of operators and aviation safety.”
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 AA- by Fitch.
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