ZUG, Switzerland--(EON: Enhanced Online News)--Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today new enhancements to its Executive ForceField® Side A, Lead Difference in Conditions (DIC) product. The revised policy, available to companies throughout the United States, offers significant enhancements.
“We believe that clients will find value in the enhancements and features we have incorporated to address risks and exposures to which company officials are subject in this day and age.”
“Since 2006, Allied World North America has built a strong franchise providing dedicated Side A protection for the personal assets of directors and officers,” said Christian Gravier, President, North American Professional Lines. “This most recent update to the Executive ForceField® product reflects Allied World’s commitment to creating unique and innovative insurance solutions to meet the evolving needs of clients.”
“Now in its fourth revision, the Executive ForceField® product has been updated to address new business and regulatory risks with the goal of providing the most flexible and all-encompassing policy that exists in the market,” said Michael Piccione, Senior Vice President, Public D&O Division. “We believe that clients will find value in the enhancements and features we have incorporated to address risks and exposures to which company officials are subject in this day and age.”
New policy features (subject to actual policy for terms and conditions):
- Single claim limit allows for ability to apply multiple ‘related claims’ across two reinstatements;
- Coverage for Mitigation, Policyholder Access, Reputation & Asset Protection Costs;
- A ten-year extended reporting period for financial impairment;
- An additional unlimited extended reporting period for former directors and officers;
- Expanded Difference in Conditions features;
- Automatic coverage for any new subsidiaries added during the policy period;
- Enhanced definition of Loss that applies to taxes and insurability;
- Defense and pre-claim inquiry costs advanced within 30-days;
- Cooperation provisions addressing potential conflicts, consent, severability and criminal sanctions; and
- If coverage was broader under a prior version of the Allied World DIC policy, then the broader terms and conditions of the prior version will apply.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers 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 AA- by Fitch.
Cautionary Statement Regarding Forward-Looking Statements
Any 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 the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed acquisition by Fairfax Financial Holdings Limited (“Fairfax”); the inability to obtain Allied World’s or Fairfax’s shareholder approval or the failure to satisfy other conditions to completion of the proposed acquisition, including receipt of regulatory approvals; risks that the proposed acquisition disrupts our current plans and operations; the ability to retain key personnel; the ability to recognize the benefits of the proposed acquisition; the amount of the costs, fees, expenses and charges related to the proposed acquisition; pricing and policy term trends; increased competition; the adequacy of our loss reserves; negative rating agency actions; greater frequency or severity of unpredictable catastrophic events; the impact of acts of terrorism and acts of war; 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.