Allied World Establishes Syndicate 2232 at Lloyd's of London

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Allied World Assurance Company Holdings, Ltd

Jun 03, 2010, 09:00 ET

PEMBROKE, Bermuda, June 3 /PRNewswire-FirstCall/ -- Allied World Assurance Company Holdings, Ltd (NYSE: AWH) announced today that it received approval from Lloyd's of London to establish a new syndicate. Syndicate 2232, with the pseudonym AWH, will be fully operational and writing business effective June 30, 2010.

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Syndicate 2232 will be managed by Capita Managing Agency Limited, a subsidiary of The Capita Group PLC, which is authorized by the Financial Services Authority in the United Kingdom. The active underwriter will be Darren Powell, currently Senior Vice President and manager of International Property at Allied World Assurance Company (Reinsurance) Limited in London.

The syndicate will offer select product lines, which include international property, general casualty, professional lines and international treaty, targeted at key territories such as countries in Latin America and the Asia Pacific region. Syndicate 2232's primary purpose is to enhance Allied World's international platform and capabilities.

President and Chief Executive Officer Scott Carmilani commented, "As we look to expand our global distribution network and further enhance our existing business model, Lloyd's of London is a key partner in achieving these strategic objectives. Its reputation as the world's leading provider of insurance is unsurpassed and we are excited to join this elite market."

About Allied World Assurance Company

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, Europe, Hong Kong, Singapore and the United States. 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 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.

SOURCE Allied World Assurance Company Holdings, Ltd