Allied World Assurance Expands N.Y. Operation for Underwriting

August 11, 2004

Allied World Assurance Holdings Ltd announced that its subsidiary, Allied World Assurance Company (U.S.) Inc., has expanded the capabilities of its New York office to underwrite excess liability and errors and omissions coverages.

AWAC (U.S.) has named Matthew Meyer, vice president – General Casualty, and Alfred Fantuzzi, vice president – Professional Lines, to lead these two initiatives.

Meyer brings more than 10 years of underwriting experience to his new position. Most recently, Meyer held the position of vice president with AIG Excess Casualty North America in London, England. Prior to working in England, Meyer held a number of positions within AIG’s Excess Casualty division in New York.

“I am delighted to be joining a company with AWAC’s financial strength and underwriting expertise,” Meyer said. “Our plan to target those middle market customers throughout the United States with revenues of up to $1.5 billion, and to develop a strong underwriting staff in New York will be an excellent compliment to the rest of our global operation.”

Fantuzzi was most recently managing vice president of the Errors and Omissions Department at Gulf Insurance Group where he was employed for more than 12 years. He has more than 14 years of experience in various errors and omissions lines.

Fantuzzi noted, “I am very pleased to be a member of this new AWAC team that is committed to providing disciplined underwriting and financial stability to the current marketplace. In New York, our area of focus for our errors and omissions products will be those accounts with up to $1 billion in revenue.”

President and Chief Executive Officer Scott Carmilani stated, “The expansion of our New York branch office is another step towards AWAC’s commitment to broaden our capabilities in the U.S. marketplace. With their strong underwriting skills and industry knowledge, Matthew and Al will make an important contribution to successfully establish our New York branch office to satisfy the needs of the marketplace.”

In another development, the New York office of AWAC (U.S.), at 14 Wall Street, New York, NY 10005, has established its target market for its directors and officers liability products.

Underwriters in New York will handle those accounts with current stock market valuations of up to $3 billion, including any privately held entities. Those accounts with market values of $3 billion or greater will continue to be underwritten in AWAC’s Bermuda offices.

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