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) |
About Allied World
Allied World Assurance Company Holdings, Ltd. is a global provider of insurance and reinsurance products. In 2017, Allied World was acquired by Canadian financial holdings company, Fairfax Financial Holdings Limited. It now operates around the world as a Fairfax subsidiary.
The insurer has a lot of products and solutions on its menu, primarily focused on complex or specialty 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 & engineering, crisis management, environmental liability, frameWRXSM, healthcare liability, management & financial lines, marine, personal lines, professional liability/indemnity, programs, property & energy, small business, surety, and workers’ compensation.
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 cedents in casualty, financial lines, marine, professional liability, property, and specialty lines of business.
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:
Fairfax Financial Holdings Ltd. completed a US$4.9 billion acquisition of Allied World on July 06, 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 re/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 decentralized 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.”
Allied World claims to be built around a value-oriented and 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, with the aim of managing and streamlining 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 in order to foster that relationship. We don’t just want to be seen as capital; we want to offer value and trust.”
Net premiums at the re/insurance holding group saw an increase
The re/insurance stalwart has been in the industry for over four decades
For the first time ever, the festival's events are also CPD-certified
Some of the protesters glued themselves to the floor