Allied World Launches Liability Coverage for Accountable Care Organizations
ZUG, Switzerland, Oct. 4, 2012 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that it has launched a new Accountable Care Organization Liability Solution product. Accountable Care Organizations (ACOs) are newly emerging healthcare organizations that are characterized by a payment and care delivery model that ties provider reimbursements to quality metrics and reductions in the total cost of care for an assigned population of patients.
Gordon Knight , President of Allied World U.S. commented, "Healthcare reform has placed us at the forefront of a changing healthcare landscape. We are pleased to be able to provide a coverage solution that is flexible, modular and, most importantly, addresses the many new exposures Accountable Care Organizations will face."
"Allied World's ACO policy will allow insureds to customize and build an array of coverages that fit their specific exposures and risk purchase appetite, while ensuring that gaps are reduced," commented Cindy Oard , Senior Vice President, US Healthcare Practice Lead for Allied World U.S. Coverage is built off the core Errors and Omissions (E&O) policy. ACOs can select different retentions and can also purchase shared or separate limits between certain coverages. Coverage solutions include Errors and Omissions Liability, Regulatory Claims Coverage, Medical Professional Liability (including General Liability), Privacy Liability and Network Risk, Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability and Crime Coverage. Furthermore, a number of coverage solutions come with risk management components built in.
By recognizing the new and emerging trends and exposures, Allied World is able to demonstrate its commitment to the healthcare industry. "We understand that it will be difficult for ACOs to distinguish between the liabilities associated with the organization and its individual members. This new solution uses a combined form that will enable ACOs to minimize grey areas," said Oard.
For more information on Allied World's ACO coverage solution, please contact Becky Cox , Vice President, Business Development, at 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 or otherwise.
SOURCE Allied World Assurance Company Holdings, AG
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