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Best’s News & Research Service - October 23, 2014 11:34 AM (EDT)

Allied World Plans Unit, Management Reorganization

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ZUG, Switzerland //BestWire// - Allied World Assurance Co. Holdings is reorganizing its business segments and management team as it pursues "selective organic growth," the company said in a statement.

The company's footprint outside of North America and its forthcoming move into Singapore and Hong Kong with the acquisition of a portion of RSA Insurance Group's business, represent "the next phase of our development," Allied World President and Chief Executive Officer Scott Carmilani said in a statement.

Allied World in August said it would by the Asian operations of RSA for £30 million (US$208.4 million) in cash (Best's News Service, Aug. 22, 2014).

Effective at the end of the year, Allied World will reorganize its two insurance units into North American insurance and global markets insurance. North American insurance will include U.S., Canada and Bermuda business, while the global markets unit will include all business outside of North America. The major change in the units is the inclusion of Bermuda in the North America segment. Its reinsurance segment is unchanged.



Along with the reporting changes comes new duties for Allied World's senior managers. Leading the global markets unit as president -- a newly created position -- is Julian James, who is currently the president of Allied World's European business. In his new role, James will oversee all insurance lines for Allied World Europe, its syndicate at Lloyd's, Asia-Pacific operations, and any new initiatives outside of North America.

Frank D'Orazio has been tapped to be Allied World's president of underwriting and global risk. D'Orazio, who is currently the company's president of Bermuda and international insurance, will be tasked in his new job with oversight of the company's worldwide underwriting and coordination of risk management tools across the enterprise.

Louis Iglesias, who is currently Allied World's president of North America, will continue in his role, but also assume responsibility for the company's Bermuda operations. All three executives will report to Carmilani.

Rated Allied World companies currently have a Best's Financial Strength Rating of A (Excellent). On the morning of Oct. 23, shares of Allied World Assurance Co. Holdings (NYSE: AWH) were trading at $36.87, down 5.02% from the previous close.

(By Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com)



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