Allied World Assurance Company, Ltd [AWAC] announced that its A+ [Superior] Rating has been affirmed by A.M. Best Co. The same rating has been affirmed for its wholly owned subsidiary companies as well. AWAC’s operating subsidiaries include: – Allied World Assurance [U.S.] Inc
— Newmarket Underwriters Insurance Company
— Allied World Assurance Company [Europe] Ltd
In addition, A. M. Best has assigned an initial financial strength rating of A+[Superior] to Allied World Assurance Company [Re] Ltd in Ireland.
A statement issued by A.M. Best Co. commented: “The outlook for the rating is stable. The rating reflects the company’s superior risk-based capitalization, solid operating performance, experienced management team and the strategic benefits received through association with sponsoring organizations such as the American International Group [AIG] and The Chubb Corporation.”
When asked how AWAC continues to keep its A+ [Superior] rating in the face of several ratings downgrades in the industry, AWAC President and CEO, Michael Morrison said: “We have solid investor backing, more than U.S.$1.8 billion in capital, a strong underwriting discipline and a diversified book of profitable business. We write commercial property and casualty lines, including coverage on energy, transportation and commercial real estate property risks and excess general, professional, and healthcare liability. We have expanded to provide specialty and reinsurance lines of business. We are also diversified geographically in Bermuda, in the United States and in Europe.”
Commenting on the company’s outlook for 2004, Morrison said: “We project that the hard market will continue in 2004. There are still significant capacity shortages in some areas and we will be able to participate at advantageous terms because of this. Our business plan remains unchanged and our team of experienced underwriters will continue to provide clients and brokers with realistic pricing discipline and quick response times.”
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