The Merger of Allied World’s European Insurance and Reinsurance Companies
This webpage is designed to provide you with information relevant to this merger and address some of the questions that you may have.
Which entities have merged?
The merger of Allied World Assurance Company (Europe) plc (“AW Europe”) and Allied World Assurance Company (Reinsurance) plc* (“AW Reinsurance”), wholly owned subsidiary companies of Allied World Assurance Company Holdings, AG, was completed on 1 November 2013. AW Europe is regulated by the Central Bank of Ireland (the “CBI”) as a non-life (re)insurance company. AW Europe has its head office in Dublin, Ireland, and has branches in London and in Zug, Switzerland.
When did the merger happen?
The merger completed on 1 November 2013.
Which entity will underwrite my business?
AW Europe will fulfill all of the obligations under every contract to which AW Reinsurance was a party. All reinsurance contracts will continue to be underwritten by the existing reinsurance treaty underwriters, therefore, the level of services and expertise our clients receive will remain unchanged. The security of inforce policies have also transferred to AW Europe as of 1 November. AW Europe is rated A strong by Standard & Poor’s and A Excellent by A.M. Best.
What are the benefits of the merger?
AW Europe will benefit from having a stronger consolidated balance sheet which we believe will open up new opportunities for our underwriting teams, provide enhanced security for our customers and facilitate greater operational efficiencies.
Why did the merger take place?
Following the removal by the CBI of the restriction imposed on Irish insurance undertakings from accepting inwards reinsurance exceeding 20% of gross premium written, the Boards of Directors of AW Europe and AW Reinsurance determined that their respective insurance and reinsurance businesses were to be consolidated into a single licensed (re)insurance company. This consolidation happened on 1 November 2013.
Do I need to do anything?
No, it is not necessary for you to take any action. Existing contract reference details are still valid and there is no requirement for additional documentation to be issued. All existing procedures relating to our claims service remain unchanged, as does the relevant contact information.
Who do I contact if I have any questions?
If you have a specific question relating to the merger project, please get in touch with your usual Allied World contact, or:
Lee Dwyer – Senior Vice President, Managing Director
Allied World Assurance Company (Europe) plc
Third Floor, Georges Quay Plaza, Georges Quay, Dublin 2
T: +353 (0) 1 436 1400
* Formerly Allied World Assurance Company (Europe) Limited and Allied World Assurance Company (Reinsurance) Limited. AW Europe will shortly reconvert to a private limited company.
Terms of Merger
This webpage is intended as a general guide for informational purposes only. It is not intended to constitute, comprise or be used as a substitute for legal or other professional advice on any particular matter.
© Allied World Assurance Company Holdings, AG. All rights reserved. November 2013.