Allied World Increases Capacity
Bermuda-based Allied World Assurance Company, Ltd. (AWAC) announced that “in response to the continued contraction of capacity for excess casualty coverage,” it has doubled the limit for qualifying renewals and prospective insureds from $25 million to $50 million, effective immediately.
AWAC, a post Sept. 11 insurer established by AIG, Chubb and GS Capital Partners, a Goldman Sachs investment fund, with an initial capitalization of $1.5 billion, offers excess casualty clients flexible layering opportunities, which may include multiple-contiguous or non-contiguous layers.
“The company focuses on placements for moderate to high hazard risks and has an ability to provide capacity to a number of difficult industry classes, including energy, chemical, transportation, pharmaceutical, medical devices and public entity businesses,” said the bulletin.
It currently employs 65 staff in Bermuda, and recently acquired two surplus lines carriers in the U.S. It has also established Allied World Assurance Company (Europe) Limited, with offices in Dublin, Ireland, and is rated A+ (Superior), by A.M. Best.
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