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Allied World Launches New Lawyers Liability Product

Fri. March 06, 2009; Posted: 02:25 PM
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PEMBROKE, Bermuda, Mar 06, 2009 (A. M. Best via COMTEX) -- DR | Quote | Chart | News | PowerRating -- Allied World Assurance Co. Holdings Ltd. said it was rolling out a new admitted, standard market lawyers professional liability product through its member company Darwin Professional Underwriters.

The new policy is designed for small to midsize law firms with 25 or fewer attorneys with revenues of $50,000. It's geared for lawyers with all levels of experience in all practice areas, except for patent prosecution.

"This new and differentiated product offering is a continuation of Allied World's strategy to build a specialty company in the U.S. around unique industry niches," Gordon Knight, president of Allied World U.S., said in a statement.

Darwin will distribute the product through wholesale or retail producers including key partnerships with Agency Marketing Systems and Jardine Lloyd Thompson.

Allied World (NYSE: AWH) acquired Darwin, a specialty insurer that focuses on professional liability insurance, from Alleghany Corp. of New York for $550 million last year (BestWire, June 30, 2008).

Midday on March 6, Allied World's stock was trading at $32.85 a share, down 1.26% from the previous close.

Allied World Assurance Co. and Darwin Group both currently have a Best's Financial Strength Rating of A (Excellent).

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)
For full details for DR click here.

    


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