ZUG, Switzerland, Nov. 6, 2012 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Allied World U.S. has launched a new Errors & Omissions (E&O) and Privacy product called Techtonic//5.0. The new solution offers flexible, comprehensive combined coverage for the wide spectrum of emerging exposures that exist within the E&O and Privacy space.
Techtonic//5.0 gives Allied World insureds the option to purchase consolidated coverage — converging Miscellaneous Professional Liability (MPL) capabilities while leveraging the existing, robust Tech E&O, Privacy & Network Security and Media suite of products. The new product will also allow insureds to customize and build an array of coverages that fit their specific exposures and risk purchase appetite. Insureds will have the ability to select different limits and retentions between available coverages.
Gordon Knight, President of Allied World U.S., commented, "Allied World recognizes the need to provide flexible and tailored coverage solutions to our E&O clients in this emerging market. We continue to respond to evolving challenges, providing leading technology and privacy insurance solutions."
Al Fantuzzi, Senior Vice President, Professional Liability commented, "Often, many professional classes need unique professional liability coverages to effectively manage risks associated with services provided to their clients. We are pleased to provide a dynamic coverage solution that appropriately addresses today's evolving exposures within the Tech, Privacy and MPL services marketplace."
For more information on Allied World's Techtonic//5.0 coverage solution, please contact Adam Sills, Vice President, E&O Practice at Adam.Sills@awac.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