Official take-off of Allied World's new syndicate

The company will celebrate the launch of the concern, which began trading business in the summer of 2010, in the UK capital tomorrow evening.

The syndicate has been named 2232 after the flight number of the British Airways Bermuda to London route.

Frank N. D’Orazio, Allied World’s Bermuda and International president and chief underwriting officer, said: “We thought it was a unique and creative way to tip our hat to our Bermuda bloodlines but also show our growth and expansion as a company.”

The event tomorrow coincides with the company’s move into new office space at 30 St Mary Axe in the City of London — the building commonly known as ‘The Gherkin’.

Brokers

Mr D’Orazio said: “We’re combining both and celebrating it on Thursday.

“We’re expecting hundreds of attendees, primarily brokers and clients in the London market.

“All the major broker houses will be there.

“We also have people from British Airways joining us.

“All Lloyd’s syndicates have a numerology attached to them.

“We came up with three or four different options but thought 2232 was a unique way to acknowledge a Bermuda company expanding its reach into Europe.

“The BA flight 2232 is the only one to Europe from the island, so it fits in nicely.”

Allied World Assurance Company Holdings AG is a global provider of property, casualty and specialty insurance and reinsurance, with offices in Bermuda, England, Ireland, Switzerland, Hong Kong, Singapore and the US.

Syndicate 2232 (pseudonym AWH) was approved by Lloyd’s of London in June 2010.

The syndicate is being managed by Capita Managing Agency Ltd, a subsidiary of the Capita Group PLC, in the UK.

Its service company, Capita 2232 Services Pte Ltd, was registered in July 2010 by the Monetary Authority of Singapore and Lloyd’s Asia (Lloyd’s under-writing base in Asia).

Underwriter

This is the company through which the syndicate underwrites from Singapore.

Darren Powell, senior vice president and manager of international property at Allied World in London, has been appointed active underwriter.

Syndicate 2232 will target markets primarily in South America and the Asia Pacific region, offering select product lines including international property, general casualty, professional lines and inter-national treaty.

Mr D’Orazio said: “The managing agent in both London and Singapore is Capita. They will provide additional support in managing our syndicate, but the vast majority of the underwriting is being handled by our own employees.

“This includes staff in Singapore as well as London.”

He estimated the syndicate will write approximately $120 million in business this year. Mr D’Orazio said: “It’s focused on Latin America and Asia-Pac business.

“Other Bermuda companies have started up Lloyd’s syndicates but our focus makes us a little more unique in that regard.

“Plus it’s treaty as well as individual risk — both reinsurance and insurance.”

He admitted last month’s earthquake and tsunami disaster in Japan may result in “some opportunities in the market”.

The syndicate provides “additional diversification” to Allied World’s corporate portfolio.

He added: “The business we write on the insurance side in both Bermuda and the United States is primarily North American-based.

“We’ve had London, Dublin and Swiss operations for a number of years but entrance to Lloyd’s gives us access to numerous additional territories instantaneously.

“It’s a very efficient way to expand geographical reach and footprint.

“Entrance into Lloyd’s is a major evolutionary step for the company as we become a global international insurance company, a far cry from our days as a Bermuda start-up in 2001.

“Bermuda was a perfect incubator for what is now a global operation.”

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Mr D’Orazio said BA approached the company after hearing about the syndicate’s name, with a view to some “co-branding” marketing opportunities.

Advertisements are planned at airports in London as well as in Bermuda.

Last week, an advertisment for Allied World and the syndicate appeared in BA’s in-flight magazine, High Life .

Mr. D’Orazio said: “It’s a unique marketing approach for us and will reach many business travellers going back and forth.”

High Life is a monthly publication available to every passenger on the airline — a global audience of up to 3.4 million.

John Lampl of British Airways said: “We have hundreds of thousands of people reading High Life who will see the 2232 ad, so it’s a wonderful way to perpetuate the flight number and to reinforce our commitment to the Bermuda-London market.

“British Airways has been serving financial organizations based in Bermuda and London for decades, and so for this particular flight number to be used by a company which has been thriving on our services for so many years is very exciting.”

Mr. Lampl, vice president of corporate communications Americas, added: “I’ve been with British Airways for a long time but this is the first time I’ve heard of a flight number being used by a company.

“It is an honour and a thrill for us.”