PEMBROKE, Bermuda, December 10 /PRNewswire/ --
Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today announced that its U.S. holding company Has entered into an agreement to purchase Converium Insurance (North America), Inc., a New Jersey domiciled company. Subject to certain regulatory approvals, the transaction is expected to close in the first quarter of 2008. Following the closing, it is anticipated that the company will be renamed Allied World Reinsurance Company. The company is currently licensed to write insurance and reinsurance in 49 states and the District of Columbia.
President and Chief Executive Officer of Allied World, Scott Carmilani, commented, "This acquisition is another important step for us in the build out of Allied World's U.S. reinsurance platform. This will strengthen our ability to service our reinsurance clients in the U.S."
About Allied World Assurance Company
Allied World Assurance Company Holdings, Ltd, through its insurance subsidiaries, is a global provider of insurance and reinsurance solutions, offering superior client service through offices in Bermuda, the United States and Europe. Our insurance subsidiaries are rated A (Excellent) by A.M. Best Company and A- (Strong) by Standard & Poor's. Our Bermuda and U.S. insurance subsidiaries are rated A2 (Good) by Moody's Investors Service. For further information on Allied World, please visit our website at www.awac.com.
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 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; investigations of market practices and related settlement terms; 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.
Web site: http://www.awac.com