AWAC Opens New York Branch

June 10, 2004

Allied World Assurance Company (U.S.) Inc., a subsidiary of Bermuda-based Allied World Assurance Holdings, Ltd., announced the formation of a branch office in New York City.

Initially, the new office will focus on AWAC’s management liability products in the U.S. for commercial and middle market businesses.

AWAC has appointed Sr. VP John McElroy head the facility. He has over 15 years insurance experience in the professional lines business. For the past 12 years he has worked for Gulf Insurance Group where he most recently served as Senior VP and head of its Management Liability Department.

“Mr. McElroy’s initial team will consist of Jerome Brendle, Daniel Fahmy, Thomas Kennedy, Michael Piccione, Peter Sherman, Neil Sonnet and John Verhoorn,” said the announcement.

AWAC President and CEO Scott Caramanli commented: “We are very excited to bring on this talented team of insurance professionals that will further expand our distribution in the U.S. and increase our penetration into this important segment of the professional liability business in these markets.”

McElroy added: “I am thrilled to have the opportunity to become a part of such a financially strong and well run organization. Our top notch team looks forward to hitting the ground running and immediately contributing to AWAC’s growth and profitability.”

An investment group, led by AIG, Chubb and Goldman Sachs, founded AWAC in November 2001. It has grown rapidly, posting net income for 2003 of $288.4 million, and has been assigned an “A+” (Superior) rating by A.M. Best.

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