Allied World Hong Kong Launches Bankers' Wrap
November 04 2009 - 10:00PM
PR Newswire (US)
PEMBROKE, Bermuda, Nov. 4 /PRNewswire-FirstCall/ -- Allied World
Assurance Company, Ltd, a member company of Allied World Assurance
Company Holdings, Ltd (NYSE:AWH) today announced the launch of a
new product for Asian banks. Bankers' Wrap follows the recent
launch of the REFLEX, FLEXCESS and FLEXION products and highlights
Allied World's ongoing commitment to adding value to the Asian
marketplace. The product, unique to the Asian market, provides a
new level of protection for Banks at a time when they are facing
significant litigation exposures and an uncertain operational risk
outlook. Benjamin Howell, Vice President, Professional Lines,
commented from Hong Kong, "Many market participants are restricting
coverage for banks at a time when their clients need them most.
Conversely, Allied World has stepped up with an innovative excess
solution through which banks can achieve a range of structures,
with unique benefits, across their Professional Lines insurance
placements. Bankers' Wrap is Allied World Hong Kong's recognition
that bank operational risk management is a sophisticated area which
requires a customized approach to catastrophic events." The product
is available through a limited number of specialist broker channels
with a limit of up to US$25,000,000. For more information on this
new product, please contact: Benjamin Howell Vice President,
Professional Lines, Asia +852 3405 7731 About Allied World
Assurance Company Allied World Assurance Company, Ltd. has a branch
office in Hong Kong, which is regulated by the Office of
Commissioners of Insurance, Hong Kong. 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 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 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. DATASOURCE: Allied World Assurance
Company, Ltd CONTACT: Media, Faye Cook, VP Marketing &
Communications, +1-441-278-5406, , or Investors, Keith J. Lennox,
Investor Relations Officer, +1-646-794-0750, , both of Allied World
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