Allied World Assurance Co. Holdings has launched a Swiss operating company, Allied World Assurance Co., AG.
The new operating company was licensed to underwrite reinsurance and insurance business by the Swiss Financial Market Supervisory Authority (FINMA) on March 31, 2011 and is rated A by Standard & Poor’s.
The company will write direct insurance in Switzerland and will focus on the following lines of business: professional lines, including professional indemnity, directors & officers and warranties and indemnity insurance, and general casualty. Allied World’s reinsurance segment, which has underwritten business out of the Zug branch of its European reinsurance company since September 2008, is now authorized to commence writing treaty agreements both in Switzerland and abroad, through the new Swiss company.
Coverages offered will include: property, general casualty, environmental liability, employers liability & workers compensation, accident and health, motor, professional and management liability, representations and warranties, contingency, credit & surety, burglary & theft, political risks, fidelity and crime, agriculture, engineering, cyber and technology, advertising and media liability, tax opinion and loss mitigation, sabotage and terrorism, aviation and marine products.
Allied World redomiciled its company headquarters to Zug, Switzerland in 2010.
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