Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Allied World Bermuda has launched a new Accountable Care Organization (ACOs) liability solution product. The product provides coverage for ACOs which are newly emerging healthcare organizations characterized by a payment and care delivery model that ties provider reimbursements to quality of care metrics and reductions in the total cost of care for an assigned population of patients. Last year Allied World launched an ACO product for the U.S. market for companies of any size or make-up, and this year our Bermuda ACO product has been created for the Bermuda-centric healthcare clients who plan to maintain the working layer of the ACO risk – at least USD 1,000,000 – and are looking to secure excess capacity in the marketplace.
Frank D’Orazio, President, Bermuda & International Insurance commented, “Public need, legislative directives and technological advances are challenging the model of how healthcare services are paid for and delivered. Healthcare organizations, particularly newly formed ACOs will face a host of new exposures on many fronts. Our Bermuda healthcare team is well-versed in the new legislation and ready to assist our U.S. insureds and trading partners navigating this new landscape.”
John Telenko, Senior Vice President, Bermuda Branch Manager – Healthcare , further added, “Our team has over a decade of experience insuring healthcare providers, hospitals and physicians — as well as HMOs, PPOs, and IPAs. We understood there was a void in the market to provide a comprehensive and flexible coverage solution addressing the new risks that ACOs will encounter. Our product allows policyholders to select from an array of coverages, addressing unique exposures, to build a policy specialized to meet their distinctive needs.”
Allied World Bermuda’s ACO product is built off a central Errors and Omissions (E&O) policy. ACOs can select different retentions and can also purchase shared or separate limits between certain coverages. Coverage solutions include Errors and Omissions Liability, Regulatory Claims Coverage, Medical Professional Liability (including General Liability), Privacy Liability and Network Risk, Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability and Crime Coverage. Furthermore, a number of coverage solutions come with risk management components built in.
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