Allied World Announces Benefit Plan Purchaser Liability Policy
July 28 2009 - 4:40PM
PR Newswire (US)
PEMBROKE, Bermuda, July 28 /PRNewswire-FirstCall/ -- Allied World
Assurance Company Holdings, Ltd (NYSE:AWH), announced today through
its U.S.-based Darwin subsidiary a new Benefit Plan Purchaser
Liability policy targeted for employers who purchase benefits on
behalf of their employees, including large manufacturing companies,
banks, unions and more. Gordon Knight, President of Allied World
U.S., commented, "In keeping with our goal of providing innovative
and tailored products to our clients, we are utilizing our
extensive knowledge of the healthcare market to craft a new type of
coverage for organizations outside the healthcare spectrum. These
businesses are now increasingly exposed to healthcare benefit
administration risks, and are typically not covered for these
liabilities by their existing E&O, D&O and Fiduciary
policies." "Additionally, we understand how important it is that a
carrier has financial strength and stability. With our conservative
balance sheet and solid capital base, as well as our recently
reaffirmed A.M. Best A (Excellent) rating, we believe we are in a
superior position to withstand future economic upheavals and
provide our insureds with the protection they need." The Benefit
Plan Purchaser policy provides worldwide coverage and offers up to
$25M in capacity. It is available on either a duty-to-defend or
indemnity basis and provides Errors and Omissions (E&O)
coverage for any healthcare, vision, dental, disability, worker's
compensation, prescription benefit management or flexible spending
plan that is offered to participants. The policy provides coverage
for a number of services, including: provider selection,
utilization review, advertising, marketing or selling and claims
services. It also covers administrative duties associated with
retirement or pension benefits. Susan Chmieleski, Senior Vice
President, Healthcare Product & Risk Management, said, "As the
first carrier to develop a new benefit plan purchaser form in ten
years, we are incorporating newer issues, like regulatory concerns,
that weren't a priority ten years ago. This is a testament to our
dedication to the needs of our clients, and to the knowledge and
expertise our healthcare team brings to this unique offering." For
more information on Allied World's Benefit Plan Purchaser product,
please contact Kim Lloyd, Vice President, Healthcare Management
Liability Product Manager, at . About Darwin and Allied World
Assurance Company Darwin, a Farmington, CT-based specialty
insurance group focused on the professional liability insurance
market, underwrites errors and omissions liability insurance,
medical malpractice liability insurance and other specialty
coverages. Darwin member companies (Darwin National Assurance and
Darwin Select Insurance) are subsidiaries of Allied World Assurance
Company Holdings, Ltd, 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. Allied World's insurance and
reinsurance subsidiaries are rated A (Excellent) by A.M. Best
Company. For further information on Darwin and Allied World, please
visit our websites at http://www.darwinpro.com/ and
http://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
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. DATASOURCE: Allied World Assurance
Company Holdings, Ltd CONTACT: Media, Faye Cook, VP, Marketing
& Communications, +1-646-794-0543, , or Investors, Keith J.
Lennox, Investor Relations Officer, +1-646-794-0750, , both of
Allied World Web site: http://www.awac.com/
http://www.darwinpro.com/
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