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 current portfolio of excess casualty products. These enhancements will be added to follow-form occurrence policies issued by the Bermuda branch of Allied World Assurance Company Holdings, AG.
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 products."
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 liability."
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 exhausted.
- 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 contact Patrick Kenahan at 441-278-5517 / firstname.lastname@example.org or Mike Hoffmann at 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.
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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