Allied World Names Sr. Underwriter, Asst. VP

September 10, 2002

Bermuda-based Allied World Assurance Company (AWAC) announced that Scott Carmilani has been named to the position of Senior Underwriting Officer and that Leon L. Bascome has been appointed to the position of Assistant VP, General Casualty.

Commenting on Carmilani’s appointment Michael I. D. Morrison, President and CEO stated that, “AWAC is extremely fortunate to have someone of Scott’s talents available to carry out the company’s mandate of providing capacity in many lines of insurance at adequate terms, conditions and prices. These are the principles of successful underwriting and Scott’s experience and leadership abilities will help ensure the continued success of AWAC as it continues its expansion and diversity.”

Bascome joins AWAC from his position as Ass’t. VP at XL Insurance Company, where he was responsible for a portfolio of excess casualty Fortune 500 and Fortune 1000 accounts specializing in energy and chemical risk. The bulletin noted that Bascombe is one of a number of Bermudians who have joined AWAC, emphasizing its commitment to the island.

Bascome indicated that he was looking forward to taking up his new post, and was confident of the company’s future. “There is no discussion of mere survival; we are well beyond that stage,” he stated.” With the continued support of our valued clientele, the global brokerage community, the Bermuda Government and its people, we will strive to make AWAC a premier global insurance/reinsurance carrier on a par with the very best in the Industry.”

AWAC was formed in November 2001 by a group of investors, including AIG, Chubb and the investment bank Goldman Sachs with $1.5 billion in initial capital.

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