Allied World Europe and Gravity Underwriting Announce Strategic Agreement
ZUG, Switzerland--(BUSINESS WIRE)-- Allied World Assurance Company Holdings, AG (AWH) announced today that Allied World Assurance Holdings (Ireland) Ltd has entered into an agreement with Gravity Underwriting Limited (Gravity) whereby Allied World will invest and own a 21.2% share of Gravity. Gravity is a London-based MGA that provides a range of innovative property and casualty products for insurance brokers in the U.K. SME market. Under the terms of the transaction, Gravity will help facilitate business for Allied World Europes property book of business.
Julian James, President, Allied World Europe stated, Gravity is a well-respected MGA in the U.K. commercial market with a solid reputation for their technical expertise. This investment represents our continued commitment to the U.K. market and another step in our strategy to build out our European business. I am confident that together, we will be able to provide our mutual customers with the exceptional service and financial security they have come to expect.
Alan Thorne, Managing Director, Gravity commented, We are delighted to have Allied World as an investor in our organisation as well as lead insurer in our commercial property business. Plans for future development alongside Allied World include specialty casualty and professional lines products. Gravity is commencing a new phase of growth in the U.K. retail insurance market and we are proud to be working with Allied World Europe.
For more information on Allied World Europes agreement with Gravity, please contact Alan Thorne at +44 (0)20 7220 5330 or AlanThorne@gravityunderwriting.com, or Andy Brooks, Vice President, Property at +44 (0)20 7220 0619 or firstname.lastname@example.org.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and Fitch.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management's response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.
Allied World Assurance Company Holdings, AG
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Source: Allied World Assurance Company Holdings, AGCopyright Business Wire 2013