Allied World Officially Launches Reinsurance Operation

Bermuda’s Allied World Assurance Co. Holdings, Ltd. reported the official launch of its U.S. reinsurance operation. The launch follows the completion of Allied World’s acquisition of Finial Insurance Co., formerly known as Converium Insurance (North America) Inc., which closed on Feb. 29, 2008.

The company is being renamed Allied World Reinsurance Co. to reflect Allied World’s new reinsurance brand identity, Allied World RE.

The company has been capitalized with over $500 million of statutory surplus, has received an A (Excellent) financial strength rating from A.M. Best and is licensed to write reinsurance and insurance business in 49 states and the District of Columbia. The company’s operations will focus on providing a range of reinsurance products including casualty, professional and property treaty lines of business.

As previously announced, John Bender, chief operating officer, U.S. Reinsurance, will be responsible for developing and managing Allied World’s U.S. reinsurance operations. Bender is based in Allied World’s New York office.

Source: Allied World