Allied World Assurance Company Holdings, Ltd. is a global provider of insurance and reinsurance products.
In 2017, Allied World was acquired by Fairfax Financial Holdings Limited, a Canadian financial holdings company. It now operates worldwide as a Fairfax subsidiary.
On the insurance product menu
The insurer offers many products and solutions, primarily focused on complex or speciality risks. The firm’s chief executive, Lou Iglesias, explained in a video on the Allied World website: “At Allied World, we differentiate ourselves through our entrepreneurial spirit, through our people, and through our product knowledge. Our customers come to us for special needs that they can’t get elsewhere in the marketplace.”
Products offered vary slightly based on locations and jurisdictions around the world. Its insurance solutions include casualty, commercial motor, construction and engineering, crisis management, environmental liability, frameWRXSM, healthcare liability, management and financial lines, marine, personal lines, professional liability/indemnity, programmes, property and energy, small business, surety, and workers’ compensation.
Allied World: Everything you need to know
| Corporate headquarters | 27 Richmond Road, Pembroke HM, 08 Bermuda |
|---|---|
| Founded | 2001 |
| Owned by | Fairfax Financial Holdings |
| Total assets | US$20.6 billion (2022) |
| Total capital | US$5.1 billion (2022) |
| Gross written premiums | US$6.5billion (2022) |
| Number of employees | 1,565 |
| Number of offices worldwide | 24 |
| Key people | Lou Iglesias (president & CEO), Wesley Dupont (chief operating officer), Shree Salasubramanian (chief information officer) |
On the reinsurance product menu
Allied World provides global reinsurance solutions through Allied World Re. Through regional solutions in Asia-Pacific, Bermuda, Europe, Latin America, and the US, and via its Lloyd’s Syndicate 2232, Allied World RE reinsures a wide range of clients operating around the world.
The reinsurer offers solutions to clients in casualty, financial lines, marine, professional liability, property, and speciality lines of business.
A breakdown of GWP
In 2022, Allied World reported approximately US$6.5 billion in gross premiums written (GPW). Of that, GPW, Allied World, broke its business down to the following:
- Casualty: 35%
- Property: 15%
- North America reinsurance: 18%
- Professional lines: 28%
- International reinsurance: 3%
- Worldwide specialty reinsurance: 1%
The Fairfax acquisition
Fairfax Financial Holdings Ltd. completed a US$4.9 billion acquisition of Allied World on July 6, 2017. At the time, this marked Fairfax CEO Prem Watsa’s largest-ever purchase. The deal made Allied World a wholly-owned subsidiary of Fairfax, but the insurer kept its executive and senior management teams. As Watsa announced when the deal was first made public, “Allied World will operate within the Fairfax group on a decentralised basis after closing, and we are looking forward to supporting Scott and the entire team at Allied World in growing their business over the long term.”
As part of its Allied World takeover, Fairfax received a US$1 billion investment from OMERS, which indirectly acquired 21% of the outstanding shares of Allied World Assurance Company Holdings. Sharon Ludlow, head of insurance investments at OMERS, expressed her enthusiasm for the deal, saying: “OMERS’ investment in Allied World is consistent with our strategy to invest in high-quality companies, with strong fundamentals and a track record of value creation.”
A relationship-focused firm
Allied World claims to be built around a value-oriented, service-driven, customer-centric model. In 2018, the global insurance and reinsurance solutions provider appointed Faye Cook as its first-ever head of client engagement and global accounts to manage and streamline client relationships around the world.
Cook explained: “Strong client relationships are an important brand pillar for us at Allied World. The creation of my role was the company’s formal way of saying, ‘This is where we stand with clients. We want to build long-term holistic partnerships with them and ensure that our lines of business around the world are communicating and coordinating to foster that relationship. We don’t just want to be seen as capital; we want to offer value and trust.”
Do you have a story in your community or an opinion to share with us: Email us at thestandard256@gmail.com
Or WhatsApp Us on +256750474440
The Standard News.
We come to you.
We are always looking for ways to improve our stories. Let us know what you liked and what we can improve on.
I've got feedback!
