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These latest developments highlight Darwin's commitment to providing its producing partners with comprehensive, innovative products in new and expanding markets. The revised, incident-sensitive form offers numerous features including defense expenses outside the limits for most coverages, affirmative coverage for sexual misconduct and for punitive damages (most favorable venue,) and employment practices liability insurance (defense inside the limits).
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"Our simple streamlined application process only asks questions that are appropriate to the exposures associated with the specific class of business being quoted," said Cindy Oard, Senior Vice President, Health Care Practice Leader. "In most cases, our underwriters will be able to respond with a quote within 48 hours of receiving a complete submission with our newly designed application."
"Our underwriters have spent years working with the miscellaneous medical facilities market. They understand that these facilities are specific business classes with unique exposures and coverage needs," said Sue Chmieleski, Senior Vice President, Health Care Product and Risk Management Lead. "In addition to our underwriting talent, enhanced policy, and greatly expanded appetite, we can provide Darwin's superior risk management services to these types of facilities - free of charge as part of our coverage."
In the industry, smaller miscellaneous medical facilities do not typically receive risk management services and are not always aware of alternatives to manage and help mitigate risk. "We believe that every medical organization (no matter how large or small) should have access to our complimentary risk management services," said Chmieleski.
About Darwin and Allied World Assurance Company
Darwin, a Farmington, CT-based specialty insurance group focused on the professional liability insurance market, underwrites errors and omissions liability insurance, medical malpractice liability insurance and other specialty coverages. Darwin member companies (Darwin National Assurance and Darwin Select Insurance) are subsidiaries of Allied World Assurance Company Holdings, Ltd, a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through offices in Bermuda, the United States and Europe. Allied World's insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company. For further information on Darwin and Allied World, please visit our websites at www.darwinpro.com and www.awac.com.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect Allied World's 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, Allied World's forward-looking statements could be affected by the ability to recognize the benefits of the Darwin Professional Underwriters, Inc. acquisition; 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; investigations of market practices and related settlement terms; negative rating agency actions; the adequacy of Allied World's loss reserves; Allied World 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 Allied World's 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. Allied World is 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.
SOURCE Allied World Assurance Company Holdings, Ltd
