Allied World Bermuda Launches Constellation; Comprehensive Excess Casualty
ZUG, Switzerland, Jan. 15, 2013
ZUG, Switzerland, Jan. 15, 2013 /PRNewswire/ -- Allied World Assurance Company
Holdings, AG (NYSE: AWH) announced today that Allied World Bermuda has
launched Constellation, a suite of five excess casualty coverage enhancements
combined into one package that complements its currentportfolio of excess
casualty products. These enhancements will be added to follow-form occurrence
policies issued by the Bermuda branch of Allied World Assurance Company
Mike Hoffmann, Chief Underwriting Officer, Bermuda & International Insurance,
commented, "Allied World is committed to providing innovative products and
services in the markets where we conduct business globally. We continue to
refresh our product suite to help our trading partners and clients adjust to
the ever-evolving risks they face. Constellation was developed in response to
requests from clients as well as brokers, and this package of enhancements
addresses many of the coverage gaps that exist in current excess casualty
Patrick Kenahan, General Casualty Manager for Allied World Bermuda, added,
"For the past decade, Allied World has been one of the leaders in the Bermuda
general casualty market, offering follow-form occurrence coverage and an
experienced team of dedicated underwriters to serve our clients.
Constellation provides our customers with superior protections. We are
confident that these enhancements will provide some of the most comprehensive
protection available for purchasers of follow-form occurrence excess
Constellation provides the following enhancements:
*Uni-Wrap – provides comprehensive protection against punitive damages in
the follow-form occurrence market by addressing the coverage gaps in
traditional excess towers.
*Affirmative Punitive Damages – provides punitive damages coverage on an
affirmative basis above a retention, regardless of underlying insurance
tower's coverage of punitive damages.
*Defense, Assistance & Cooperation Provision – provides drop-down,
duty-to-defend after an underlying duty-to-defend insurance tower is
*Payment of Loss Provision – recognizes the reduction of underlying limits
in the event the insured has self-funded an underlying layer, e.g.
underlying carrier insolvency. Allied World will not drop down, but it
will recognize amounts paid by the insured for covered loss.
*Business Continuity Protection – provides a policy extension in the event
a natural disaster prevents communications between the insured and their
broker or Allied World.
This package of enhancements is written for follow-form occurrence business
with an attachment point directly above the lead umbrella layer, i.e.
typically excess of a $25 million umbrella policy.
For more information on Allied World Bermuda's Constellation package, please
contactPatrick Kenahan at +1-441-278-5517 / firstname.lastname@example.org or Mike
Hoffmann at +1-441-278-5525 / email@example.com .
About Allied World Assurance Company Allied World Assurance Company Holdings,
AG, through its subsidiaries, is a global provider of innovative property,
casualty and specialty insurance and reinsurance solutions, offering superior
client service through a global network of offices and branches. All of Allied
World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best
Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate
2232 is rated A+ by Standard & Poor's and Fitch. Please visit www.awac.com for
further information on Allied World.
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; 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
Contact: Media: Faye Cook, Vice President, Marketing & Communications,
+1-441-278-5406, firstname.lastname@example.org; Investors: Keith J. Lennox, Investor
Relations Officer, +1-646-794-0750, email@example.com
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