Allied World Assurance Holdings, Ltd. Purchases Pair of U.S. Companies

July 17, 2002

Allied World Assurance Holdings, Ltd. announced that its Irish resident subsidiary, Allied World Assurance Holdings (Ireland), Ltd. has completed the acquisition of Commercial Underwriters Insurance Company and Newmarket Underwriters Insurance Company from Swiss Reinsurance American Corporation. The two companies are authorized to write Excess and Surplus lines insurance in 48 U.S. states.

President and CEO Michael I.D. Morrison commented, “Swiss Re is an important investor in Allied World, and this acquisition further demonstrates the strength of commitment of our shareholder base. Ownership of these companies will give us direct access into the all-important U.S. market where there is significant unfilled demand for excess and surplus lines insurance from a highly rated, well-capitalized insurer such as Allied World. This is a major step in our growth into a significant global insurance company.”

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