ZUG, Switzerland, Feb. 27, 2013 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Allied World U.S. continues to expand its casualty operations with the launch of a new surety line of business, available for clients in the United States. Robert Staples has been appointed Senior Vice President, Surety and will oversee the development of the new department. Mr. Staples will be based in Philadelphia and will report directly to Lou Iglesias, President, U.S. Property & Casualty.
Mr. Iglesias commented, "We continue to strategically expand our product offerings in the U.S. into markets where we believe we can make a meaningful impact. Our underwriting team will provide key trading partners and customers with timely analysis and customized solutions to meet their evolving surety needs. Bob will be a great addition to our growing team in the U.S. and I look forward to working directly with him to build a first class operation."
Mr. Staples has over 30 years of underwriting experience in the insurance industry. Prior to joining Allied World, he was most recently, Vice President and Product Line Manager for Environmental Surety at American International Group (AIG). Mr. Staples holds a Bachelor's Degree in Business Management from the University of Michigan.
Allied World's U.S. surety line will offer contract and commercial surety bonds, as well as environmental surety bonds, either on a standalone basis or in tandem with Allied World U.S.'s environmental insurance. The line will target middle market accounts with capacity of $20 million per single contract and $50 million per aggregate program. Higher limits are available based upon credit analysis.For more information on Allied World's Surety products, please contact Mr. Staples direct at email@example.com. 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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