Allied World Launches U.S. Reinsurance Operations and Commences Business
PEMBROKE, Bermuda, March 27 /PRNewswire-FirstCall/ -- Allied World Assurance Company Holdings, Ltd (NYSE:AWH) today announced the official launch of its U.S. reinsurance platform. The launch follows the completion of Allied World's acquisition of Finial Insurance Company, formerly known as Converium Insurance (North America) Inc., which closed on February 29, 2008. The company is being renamed Allied World Reinsurance Company to reflect Allied World's new reinsurance brand identity, Allied World RE.
The company has been capitalized with over $500 million of statutory surplus, has received an A (Excellent) financial strength rating from A.M. Best and is licensed to write reinsurance and insurance business in 49 states and the District of Columbia. The company's operations will focus on providing a range of reinsurance products including casualty, professional and property treaty lines of business. As previously announced, John Bender, Chief Operating Officer, U.S. Reinsurance, will be responsible for developing and managing Allied World's U.S. reinsurance operations. Mr. Bender is based in Allied World's New York office.
Allied World's President and Chief Executive Officer, Scott Carmilani, commented, "The establishment of our new U.S. reinsurance company will allow Allied World to be closer to our very important U.S. customers and broaden our reinsurance product offerings. We will now be able to work with ceding companies and intermediaries whose business does not typically find its way to the Bermuda marketplace."
About Allied World Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of insurance and reinsurance solutions, offering superior client service through offices in Bermuda, the United States and Europe. Our insurance subsidiaries are rated A (Excellent) by A.M. Best Company and A- (Strong) by Standard & Poor's. Our Bermuda and U.S. insurance subsidiaries are rated A2 (Good) by Moody's Investors Service. For further information on Allied World, please visit our website at www.awac.com. 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; investigations of market practices and related settlement terms; 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. First Call Analyst:
CONTACT: Media, Faye Cook, AVP, Marketing & Communications, Web site: http://www.awac.com/
2008-03-27 15:55:48 0321766 PRNEWSWIRE
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