ZUG, Switzerland, Aug. 21, 2012 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) announced that Allied World U.S. and the Capacity Marine Corporation have entered into an agreement to provide a Marine General Liability (MGL) program. The program is designed to insure risks which are not often covered by traditional property/casualty insurance policies and may not be covered by industry-specific marine policies.
Grace Meek, Senior Vice President, U.S. Programs commented, "We are pleased to join forces with the Capacity Marine Corporation on this program that provides our brokers and clients with exceptional coverage and service from a respected market leader. This program will enable us to become the market of choice for discerning buyers of marine general liability coverage. We have faith in the Capacity Marine Corporation and look forward to building this unique book of business."
Robert Lull, Capacity Group's C.E.O., states "We are confident our relationship with Allied World will be a mutually beneficial one." Walter Wynne, President of Capacity Marine, agrees by stating "With Allied World's creative, dynamic underwriting team, we believe we will be able to offer superior products and services to our network of brokers."
Target risks may include: Stevedores, Wharfingers, Terminal Operators and Ship Repairers. The Capacity Marine Corporation developed their MGL program seven years ago and is available to brokers and clients in the U.S.
For more information on the Allied World U.S. MGL Program, please contact Walter Wynne at [email protected].
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