ZUG, Switzerland, April 11, 2011 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today the introduction of Allied World U.S.'s new Privacy and Network Security Insurance product, Privacy//101. Designed for small to mid-size companies, law firms, healthcare and other organizations, Privacy//101 provides comprehensive protection in the event of a data breach involving lost or stolen private information, whether paper or electronic.
Privacy//101 provides coverage for costs associated with a privacy data breach including: notification to all individuals whose private information has been lost or stolen; any associated credit monitoring costs; third-party financial claims, including legal fees and fines and penalties; public relation expenses; and retaining a data forensic expert if necessary. In addition, as part of our strategic risk management relationship with the law firm Hogan Lovells, insureds receive a copy of their Guide for Data Security Breach Preparedness and Response.
"The Privacy//101 product is another example of Allied World's commitment to developing creative solutions for our insureds on emerging exposures. All businesses and organizations, regardless of their size, have privacy exposures if they maintain or send personal information. These exposures require insurance products which combine comprehensive coverage with tools and services that enable an insured to protect their assets," said Gordon Knight, President, Allied World U.S.
Adam Sills, Vice President, Privacy Practice Lead adds, "In 2010, identity theft was the most frequent consumer complaint received by the Federal Trade Commission. With most states requiring a business or organization to take some type of action when it becomes aware that personal information has been lost or stolen, the need for privacy liability protection is no longer limited to large credit card processors, healthcare organizations and international banks. Privacy and network security insurance has emerged as a crucial component of the insurance portfolio for all businesses and organizations. Our Privacy//101 product is available to most industry segments, greatly enhancing available coverage."
Privacy//101 quotes are available on a direct submission basis or can be included with a quote for most lines of business written by Allied World U.S. including Private and Not-for-Profit Management Liability, Lawyers Professional Liability, Miscellaneous Professional Liability, Insurance Agents Professional Liability and General and Multi-Line Casualty coverage.
"We recognize the importance of ensuring that our clients have the right level of privacy coverage and protection. We have made it easy for our brokers to provide their clients with access to this important product. No additional application or information is required when quotes are provided with other lines of business," commented Nicole Haggerty, Senior Vice President, Allied World U.S. E&O Practice Lead.
Limits are available up to $1 million and pricing starts at $300.
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 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, AG