MEDIA RELEASE PR36271
Allied World Launches Professional Lines Excess Solutions in Hong Kong
PEMBROKE, Sept. 24 /PRNewswire-AsiaNet/ --
Allied World Assurance Company, Ltd, a member company of Allied World Assurance Company Holdings,
Ltd (NYSE: AWH), today announced the launch by its Hong Kong branch office of a suite of excess of loss
products developed specifically for the Asian marketplace: REFLEX, FLEXION and FLEXCESS (collectively
the 'Excess Suite').
This Excess Suite is the first to market in a pipeline of innovative
products, highlighting Allied World's ongoing commitment to providing its
producing partners and clients with comprehensive and tailored products. These
products respond to contemporary issues, facilitate counter-party credit risk
management for clients and assist with managing the risk of underlying insurer
insolvency.
William Cotter, Senior Vice President, Asia, commented, "The Excess Suite
represents the first distillation of our promise to add value to the Asian
marketplace by helping clients to manage growing risks. We are addressing
contemporary concerns, which have arisen directly and indirectly as a
consequence of the global recession."
Benjamin Howell, Vice President, Professional Lines, explains: "As a new
market entrant we have listened to our partners and have produced a suite of
products which address their most acute concerns and needs. The result is a
range of products which offer unique placement structures. For example, the
FLEXION product enables Allied World to provide additional protection from an
excess position for coverage that has traditionally been sub-limited within a
primary layer. FLEXCESS, on the other hand, assists in protecting underlying
insurance layers against insurer insolvency."
The Excess Suite products are available in excess of all Professional
Lines Products with limits of up to US$25,000,000.
For more information on these new products, please contact:
Benjamin Howell
Vice President, Professional Lines, Asia
+852 3405 7731
ben.howell@awac.com
About Allied World Assurance Company
Allied World Assurance Company, Ltd, our Bermuda insurance and reinsurance
subsidiary, has an authorized branch office in Hong Kong from which it
conducts general insurance business in certain specified classes. Allied World
Assurance Company Holdings, Ltd, through its subsidiaries, is a global
provider of innovative property, casualty and specialty insurance and
reinsurance solutions, offering superior client service through offices in
Bermuda, the United States, Europe and Hong Kong. Our insurance and
reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company. 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 the ability to recognize the benefits of the Darwin
Professional Underwriters, Inc. acquisition; 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 including those related to the ongoing financial crisis;
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.
SOURCE: Allied World Assurance Company, Ltd
CONTACT: Media: Faye Cook, VP, Marketing & Communications, +1-441-278-5406,
faye.cook@awac.com, or Investors: Keith J. Lennox, Investor Relations Officer, +1-646-794-0750,
keith.lennox@awac.com, both of Allied World Assurance Company
(AWH)
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