PEMBROKE, Bermuda, Oct. 13 /PRNewswire/ -- Allied World Assurance Company Holdings, Ltd (NYSE: AWH) announced today that beginning with January 1, 2011 effective dates, Allied World Healthcare will begin writing Long Term Care facilities in the United States directly and through approved brokers and wholesalers.
"Long Term Care is an increasingly important segment of the U.S. Healthcare market and will be an area of focus for Allied World's Healthcare team," said John McElroy, President Allied World U.S. Professional Lines division.
"We will offer competitive coverage, and we'll support that with market-leading risk management and claims handling services, all specifically adapted for Long Term care entities," said Cindy Oard, Senior Vice President of Allied World Healthcare in the U.S. "Underwriting will be handled in-house by a dedicated team of experienced Long Term Care facility underwriters beginning with January 1, 2011 effective date risks. Our focus will be on those organizations with a demonstrable commitment to quality in resident care."
Allied World Healthcare's Long Term Care policy offers medical malpractice and general liability coverage of up to $1/$3 million in limits for primary, and up to $10 million in limits when placement includes excess. We are targeting facilities within the full spectrum of Long Term Care including Nursing Homes, Assisted Living, Independent Living, and Continuing Care Retirement Communities. Actual coverage will be subject to the policy as issued.
About Allied World Assurance Company
Allied World Assurance Company Holdings, Ltd, 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 branches and affiliates. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company, and our Lloyd's Syndicate 2232 is rated A+ (Strong) by Standard & Poor's and Fitch. Please visit our website at 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, Ltd