ZUG, Switzerland--(BUSINESS WIRE)--Allied World Assurance Company Holdings, AG announced today that Allied World’s Lloyd’s Syndicate 2232 has received approval to commence underwriting direct insurance and facultative reinsurance business for Latin America and the Caribbean. Paul Manguson, Senior Vice President, Underwriting, and Paul Obolensky, Senior Vice President, Business Development, will build out Allied World’s Latin America insurance and facultative reinsurance portfolio. They will be based in Allied World’s Miami office. New lines offered will include Casualty, Professional Liability (including Healthcare Professional Liability), Property (including Onshore Construction) and Specialty (including Marine Cargo and Aviation).
Julian James, President of Allied World Europe, commented, “We recognize that there is tremendous potential for growth throughout Latin America and we look forward to providing trading partners and clients with a strong portfolio of specialty products tailored to meet their unique exposures. Emerging markets offer significant opportunity for companies and investors, but along with those opportunities come risks. As such, it is vital to work with strong, well-positioned partners who can help their customers thrive.”
Frank D’Orazio, President of Allied World International, commented, “We have operated a successful treaty reinsurance business from our Miami location since 2012. Building out a direct and facultative operation further achieves our corporate goal of strategic territorial and product expansion, and we look forward to growing this business over time.”
For more information about Allied World's insurance and facultative reinsurance capabilities in Latin America, please visit our website at: www.alliedworld2232.com.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers 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 AA- by Fitch.
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 adequacy of our loss reserves; negative rating agency actions; greater frequency or severity of unpredictable catastrophic events; the impact of acts of terrorism and acts of war; 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.