Bermuda-based Allied World Assurance Holdings, Ltd., announced that its subsidiary, Allied World Assurance Company (Reinsurance) Limited (AWAC Re) has established and opened a branch office in London.
AWAC Re commenced operations in Dublin, Ireland, in July of 2003. The new London branch office is located at 22 Billiter Street, in the heart of the London insurance market.
The bulletin noted that the company had “received authorization to open the office from the Financial Services Authority (FSA) in London on August 18, 2004, and is now authorized to conduct reinsurance in London.”
It also indicated that J. Michael Baldwin has been approved by the FSA as the CEO of the London branch. He brings some 30 years of insurance experience to the post. Commenting on his new position, Baldwin stated: “It is satisfying to have completed the approval process necessary to enable us to open this AWAC Re branch. This will allow us to participate in the London reinsurance market providing risk transfer capacity to the world’s largest corporations that seek strong security from knowledgeable and experienced underwriters.”
Allied World President and CEO Scott Carmilani commented: “The licensing of our AWAC Re branch office in London further expands our capabilities in the UK and European markets and strengthens our commitment in Europe. AWAC Re’s skilled UK underwriting team can now offer customers a broader range of solutions.”
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