Allied World North America Revises 365Complete® Product for Managed Care Organizations; Enhances Policy’s Cyber Liability Services
January 24, 2017 at 11:00 AM EST
Allied World Assurance Company Holdings, AG (NYSE:AWH) announced today new cyber liability enhancements and related services for its U.S. managed care package policy, 365Complete®. The revised policy now contains heightened cyber protection and also expands the number of managed care clients who qualify for this coverage by increasing the revenue threshold from $50M to $100M.
Originally created in 2008, 365Complete® blends Managed Care Errors and Omissions coverage with other key components. The policy clarifies the scope of the coverage, giving clients the protection they need, ensuring seamless claims service and providing the security to know that gaps are reduced.
Christian Gravier, President, North American Professional Lines, said, “This expanded policy demonstrates our ongoing commitment to providing comprehensive coverage for managed care organizations within the Healthcare Management Liability Division.”
“We worked closely with our cyber team to provide small managed care organizations the tools they need to respond to a breach,” said Kerry Stetz, Vice President, Healthcare Management Liability Product Manager. “In addition to state-of-the art cyber coverage, 365Complete® clients receive access to Allied World’s Specified Response Vendors, should a privacy or network security event occur,” said Stetz.
365Complete® support services include identifying applicable state and federal breach notification statutes and assistance in retaining other response vendors for services such as notification or data forensics. For more information, please contact Kerry Stetz 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 AA- by 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 the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed acquisition by Fairfax Financial Holdings Limited (“Fairfax”); the inability to obtain Allied World’s or Fairfax’s shareholder approval or the failure to satisfy other conditions to completion of the proposed acquisition, including receipt of regulatory approvals; risks that the proposed acquisition disrupts our current plans and operations; the ability to retain key personnel; the ability to recognize the benefits of the proposed acquisition; the amount of the costs, fees, expenses and charges related to the proposed acquisition; 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.