AWAC Names Scott Carmilani President and CEO

January 14, 2004

Bermuda-based Allied World Assurance Company, Ltd., (AWAC) announced that it has elected Scott Carmilani as President and Chief Executive Officer with immediate effect.

He succeeds Michael I.D. Morrison, who has served as President and CEO since AWAC’s formation in 2001. Morrison will continue to play an active role in the company as a director and Vice Chairman.

Since 2000 Carmilani has been president of the Mergers & Acquisitions Insurance Division of the American International Group. He joined AIG in 1987, and has held a succession of underwriting and management positions. In 1998, he was appointed regional vice-president overseeing AIG’s New York Operations and, in 1999, was named head of Sales and Marketing for the performance management program of AIG’s domestic brokerage group.

AWAC’s Chairman, AIG CEO Maurice “Hank” Greenberg, commented: “AWAC was formed in the aftermath of the 9/11 tragedy [by AIG, along with Chubb and investment bank Goldman Sachs] and Mike Morrison has built the company into a dynamic and innovative company and a premier market force. I am confident that under Scott Carmilani’s leadership, AWAC will go from strength to strength.”

In a statement issued last week, AWAC announced that its A+ (Superior) Rating has been affirmed by A.M. Best (See IJ Website Jan. 8) as well as those of its subsidiary companies in the U.S., the U.K. and Ireland.

Commenting on his new role, Carmilani noted: “Our business plan and underwriting strategy and discipline remain unchanged. We’ve made it a point from Day One to hire the best and the most experienced and will continue to do so. I am proud to say that our underwriters have always been amongst the most accessible and have always provided realistic pricing and quick response times to clients and brokers.”

For 2004 he indicated: “We project that the market should continue in its current state as there are still significant capacity shortages in some areas. We have solid investor backing, and with more than $1.8 billion in capital, a strong underwriting discipline and a diversified book of profitable business, all of which will stand us in good stead in the year ahead.”

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