Allied World Announces Three Management Changes

August 25, 2005

Allied World Assurance Company, Ltd. [AWAC] has announced the following management changes:
— Daniel Brandon has been promoted to the position of senior vice president, Professional-Specialty Lines Treaty Reinsurance
— Mike McCrimmon has been promoted to the position of senior vice president of the Property Department.
— Jordan Gantz has been appointed executive vice president (EVP) and chief underwriting officer (CUO) for Property and Casualty Insurance Operations, effective since March 10, 2005.

Brandon joined AWAC on April 15, 2002, as vice president, Treaty Reinsurance. He has been involved in reinsurance operations since 1991, when he worked as Supervisor of Ceded Reinsurance, negotiating placement of coverage for the foreign general business of AIG out of their New York office. Prior to joining AWAC Brandon served as vice president of Treaty Underwriting for Converium Reinsurance [North America] in New York, responsible for assisting clients in developing Professional Liability programs and underwriting, pricing and negotiating North American “longtail” liability Casualty treaties.

“During his three-year tenure at AWAC, Mr. Brandon and his staff have compiled a diversified portfolio of Professional Liability treaties that includes Directors and Officers Liability, Medical Malpractice, Lawyers and Miscellaneous Professional Liability, EPLI, Cyber Liability and Transactional Risk Insurance. In his new role as SVP, he now assumes full responsibility for the operations of the department and the continuing successful performance of the Treaty Reinsurance team,” said the announcement.

Before joining AWAC, McCrimmon was also with AIG in its Canadian operation based in Toronto. He joined AIG Canada in 1987 after underwriting for CIGNA Insurance Company of Canada. The bulletin noted that “McCrimmon experienced a succession of management positions within the highly profitable Property Division, ultimately securing the title property underwriting manager for Canada before signing on with AWAC. Only second to the regional executive, he had been responsible for overseeing all of the Canadian branch offices and personally handling key Canadian Fortune 500 clients.”

In his new position with AWAC as SVP Property, he “will be responsible for the North American Property portfolio written out of Bermuda,” the announcement continued. “It has been a memorable experience for me to witness and be a part of this organization that has grown from the handful of people who were here when I first started, to the successful and substantial global company it is now. I look forward to the challenges of this new position and have great confidence in the Property team that we have throughout AWAC,” McCrimmon commented.

Gantz succeeds Scott Carmilani, who became AWAC’s president and CEO in January 2004 and who had also served as EVP and CUO since AWAC’s formation in 2001.

The bulletin noted that Gantz was one of AWAC’s first four employees, and noted that he “brings a wealth of experience and expertise to his new position. He has been with the Company since it first commenced business in 2001, at which time he was given the task of developing its global Casualty operation. Coordinating this project with success, Mr. Gantz was promoted in August 2004 to the position of Executive Vice President of Casualty responsible for AWAC’s General Casualty, Professional Lines and Healthcare operations in Bermuda, Europe and the United States.”

Prior to joining AWAC, Gantz spent over two years with the Lexington Insurance Company [also an AIG company] in Boston Mass. as senior vice president responsible for Energy, Transportation, Products and General Casualty operations. “While at Lexington, he also managed their Architects and Engineers Professional Liability division,” the announcement continued. “From 1993 to 1999, Mr. Gantz served as vice president in American Re’s alternative market operation, Munich American Risk Partners, working out of New York City and Princeton, New Jersey. Before that, he spent seven years with the Chubb Corporation in various management roles in their excess casualty division.”

Commenting on AWAC’s market strategy, Gantz stated: “Although the current insurance market presents many challenges, AWAC is well-positioned to selectively take advantage of attractive opportunities to achieve further geographic and product diversification. We are particularly excited over our initiatives in the United States, which will allow us to establish a more significant presence with large middle-market accounts than we currently have. These initiatives include the development of several new products as well as the opening of two new branch offices in the USA by the end of this year.”

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