ZUG, Switzerland, July 10, 2012 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Allied World has expanded its U.S. casualty operations with the launch of a new Construction Casualty division. New lines of business being offered are: commercial general liability and commercial automobile as well as railroad protectives and owners & contractors protective. Product offerings for the new division include: contractor practice programs, owner controlled insurance programs, contractor controlled insurance programs and project specific programs. Michael Conroy has been appointed Vice President, Construction to oversee the build-out of the new division. He will be based in Allied World's New York office and will report directly to Lou Iglesias, President, U.S. Property and Casualty.
Mr. Iglesias commented, "We are excited to expand our current product offerings in the U.S. with the launch of our new Construction Casualty division. This division will become a key element in our overall strategy of serving the broad needs of the construction industry. Mike's substantive construction industry knowledge and execution skills will be a tremendous asset to Allied World."
Mr. Conroy has over 17 years of experience in the insurance industry. Prior to joining Allied World, he was Vice President in the home office of Construction Risk Management at the American International Group (AIG). In this role, he was responsible for service and underwriting for all regional offices, as well as budgeting, forecasting and business development for the line of business.
About Allied World Assurance CompanyAllied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and Fitch. Please visit www.awac.com for further information on Allied World.Cautionary Statement Regarding Forward-Looking StatementsAny forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management's response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise. SOURCE Allied World Assurance Company Holdings, AG
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