Profile: Allied World Assurance Company Holdings Ltd (AWH)
21 Feb 2017
Allied World Assurance Company Holdings, AG, incorporated on May 12, 2010, is a holding company. The Company provides property, casualty and specialty insurance and reinsurance solutions to clients around the world. The Company operates in three segments: North American Insurance, Global Markets Insurance and Reinsurance. The Company leases space in Australia, Bermuda, Canada, England, Hong Kong, Ireland, Labuan, Singapore and the United States for the operation of its North American Insurance, Global Markets Insurance and Reinsurance segments.
North American Insurance Segment
The North American Insurance segment consists of the Company's direct insurance operations in the United States, Bermuda and Canada. This segment includes the direct insurance operations of Allied World Assurance Company, Ltd, which is a registered Class 4 Bermuda insurance and reinsurance company that writes business from its office in Bermuda, and Allied World Insurance Company, Allied World Assurance Company (U.S.) Inc., Allied World National Assurance Company, Allied World Specialty Insurance Company and Allied World Surplus Lines Insurance Company, which are authorized or eligible to write insurance on both a surplus lines and admitted basis throughout the United States. Within this segment the Company provides a range of specialty liability products, with a particular focus on coverage's for casualty and professional liability risks. Additionally, it offers a selection of direct general property and healthcare insurance products. Its Bermuda operations underwrite primarily Fortune 1000 casualty and property risks for clients domiciled in North America, while its operations in the United States and Canada write small- and middle-market, non-Fortune 1000 accounts domiciled in North America, including public entities, private companies and non-profit organizations.
The Company's operations focus on insuring specialty liability risks, such as professional liability, environmental liability, product liability, healthcare liability and commercial general liability risks. It offers professional liability products, including policies covering directors and officers, employment practices and fiduciary liability insurance, and mergers and acquisitions. It also offers errors and omissions liability policies designed for a range of service providers, including law firms, technology companies, insurance companies, insurance agents and brokers, and municipalities. In addition, it provides both primary and excess liability and other casualty coverage's to the healthcare industry, including hospitals and hospital systems, managed care organizations, accountable care organizations and other medical service providers. With respect to general casualty products, it provides both primary and excess capacity, and its focus is on complex liability risks in a range of industries, including construction, real estate, public entities, retailers, manufacturing, transportation, and finance and insurance services. It also offers insurance to contractors and their employees working outside of the United States on contracts for agencies of the United States Government or foreign operations of the United States companies. The Company's property insurance operations focus on direct coverage of physical property and business interruption coverage for commercial property risks, as well as inland marine business. It writes solely commercial coverage's and concentrates on primary risk layers of insurance (as opposed to excess layers). It offers general property products from its underwriting platforms in North America and cover risks for retail chains, real estate, manufacturers, hotels and casinos, and municipalities.
Global Markets Insurance Segment
The Global Markets Insurance segment includes all of the Company's direct insurance operations outside of North America. This segment includes the direct insurance operations of Allied World Assurance Company, Ltd, which operates from its branch offices in Asia and Australia; Allied World Assurance Company (Europe) Limited, which is incorporated in Ireland and writes business primarily originating from Dublin, Ireland, the United Kingdom and Continental Europe; Allied World Assurance Company, AG, which is incorporated in Switzerland and writes insurance from its office in Zug, Switzerland and is also approved to operate a branch office in Bermuda, and Allied World Managing Agency Limited, which is incorporated in the United Kingdom and is the managing agent of its Lloyd's Syndicate 2232.
The Company operates primarily in Europe and Asia and has an office in Miami that underwrites Latin American risks. It underwrites a range of professional liability, general casualty, healthcare liability, property, marine, onshore construction and personal lines products from its offices in Asia Pacific. In addition, Syndicate 2232 writes international property, general casualty and professional liability, marine, aviation and on-shore construction targeted either at territories or where its customers have requested a Lloyd's policy. Within its Global Markets Insurance segment, it provides general casualty products, including product liability, employers' liability, motor, environmental liability, professional liability, errors and omissions and healthcare liability products.
The Company's general casualty line of business serves a range of industries and is focused on small- and middle-market accounts. The Company offers professional liability products, including policies covering directors and officers, employment practices and fiduciary liability insurance. It also offers errors and omissions liability policies designed for a range of service providers, including law firms, technology companies, financial institutions, insurance companies and brokers, and engineering and construction firms. Its healthcare underwriters provide products to a range of healthcare providers, such as hospitals, clinics, miscellaneous medical facilities, physicians and physician groups. The Company's property products include physical damage and business interruption coverage for commercial risks, as well as specialized products that cover specific building projects during the course of construction. It offers aviation products that encompass airline, aerospace and general aviation classes of business. Its marine products cover all types of goods in transit. The Company offers short- and medium-term trade credit insurance for clients that export primarily to emerging markets.
The Company's reinsurance segment includes the reinsurance of property, general casualty, professional liability, specialty lines and property catastrophe coverage's written by other reinsurance companies. This segment includes the reinsurance operations of Allied World Assurance Company, Ltd, which operates from its office in Bermuda and branch offices in Asia; Allied World Assurance Company (Europe) Limited, which is incorporated in Ireland and writes business through its office in London; Allied World Assurance Company, AG, which is incorporated in Switzerland and writes reinsurance business from its office in Zug, Switzerland; Allied World Reinsurance Management Company, which is licensed to write as a managing general underwriter for its the United States reinsurance business, and Allied World Managing Agency Limited, which is incorporated in the United Kingdom and is the managing agent of its Lloyd's Syndicate 2232.
In order to diversify its portfolio and complement its direct insurance business, the Company writes reinsurance on both a treaty and a facultative basis and targets several markets, including professional liability lines, specialty casualty, property for the United States regional insurers, accident and health, marine, aerospace and crop risks. The insurers the Company reinsures range from single state to nationwide insurers located in the United States, as well as specialty carriers or the specialty divisions of standard lines carriers. For its non-United States reinsurance business, its clients include multi-national insurers, single territory insurers, niche carriers and Lloyd's syndicates. The Company focuses on programs and coverage's, frequently sourced from excess and surplus lines insurers. It targets a portfolio of well-rated companies that are knowledgeable in their product lines, have the financial resources to execute their business plans and are committed to underwriting discipline throughout the underwriting cycle. Its property reinsurance contracts protect insurers who write residential, commercial and industrial accounts globally. The Company also writes Euro-centric business and business for Continental European companies, including through the use of its Syndicate 2232. Its property reinsurance treaties are structured as either quota share or excess-of-loss.
The Company's casualty reinsurance business consists of general casualty and professional liability lines. It writes treaty business for global accounts, focused primarily in the United States. Its general casualty treaties cover working layer, intermediate layer and catastrophe exposures. It sells both quota share and excess-of-loss reinsurance. It principally underwrites general liability, auto liability and commercial excess and umbrella liability for both admitted and non-admitted companies. Its professional liability treaties cover several products, primarily directors' and officers' liability, but also attorneys' malpractice, medical malpractice, miscellaneous professional classes and transactional risk liability. For its specialty reinsurance business, the Company underwrites on a global basis crop, marine and aviation, and other specialty lines of business, including accident and health business with an emphasis on catastrophe personal accident programs and workers compensation catastrophe business.
Allied World Assurance Company Holdings Ltd
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