AWAC In Exclusive Deal with IPCRe for Cat

Newly formed Bermuda-based insurer Allied World Assurance Co. (See IJ Website Nov. 27) announced that it has concluded an exclusive agency agreement with IPCRe Underwriting Services Limited. Beginning Dec. 1, it will begin writing property catastrophe treaty reinsurance with a capacity of up to $12.5 million per program.

IPCRe Underwriting is a wholly owned subsidiary of IPCRe, which in turn is a wholly owned subsidiary of Bermuda-based IPC Holdings Ltd. in which AIG has a majority interest. AIG is also a major shareholder in AWAC. It should be noted that these IPC entities are not related to the IPC unit of CRS Multirisk.