Allied World Assurance Co. Holdings AG has launched a Swiss operating company, Allied World Assurance Company AG. The new operating company was licensed to underwrite reinsurance and insurance business by the Swiss Financial Market Supervisory Authority (FINMA) on March 31, 2011, and received an A (strong) rating from S&P.
The company says it will write direct insurance in Switzerland, focusing on professional indemnity; directors and officers; warranties and indemnity insurance; and general casualty. Allied World's reinsurance segment, which has underwritten business out of the Zug branch of its European reinsurance company since September 2008, now is authorized to commence writing treaty agreements both in Switzerland and abroad, through the new Swiss company.
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