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8-K - FORM 8-K - Allied World Assurance Co Holdings, AG | y86035e8vk.htm |
EX-10.1 - EX-10.1 - Allied World Assurance Co Holdings, AG | y86035exv10w1.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
ALLIED WORLD ANNOUNCES $250 MILLION SHARE REPURCHASE
FROM FOUNDING SHAREHOLDERS
FROM FOUNDING SHAREHOLDERS
PEMBROKE, BERMUDA, August 8, 2010 Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today
reported that the company has repurchased $250 million of its common shares from certain GS Capital
Partners and other investment funds, which are affiliates of The Goldman Sachs Group, Inc. and
founding shareholders of Allied World. Allied World has repurchased five million common shares at
$50 per share, representing approximately a 0.5% discount to the companys closing stock price of
$50.23 on August 6, 2010. The repurchase represents approximately 9.4% of the diluted common
shares outstanding as of June 30, 2010. Following the repurchase, these affiliates of The Goldman
Sachs Group, Inc. hold approximately 3.16 million non-voting shares of Allied World, or
approximately 7.2% of the companys total common shares issued and outstanding. The repurchase has
been executed separately from the companys $500 million share repurchase program that was
authorized by its Board of Directors in May 2010. This transaction was funded using available cash
on hand.
About Allied World Assurance Company
Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of
innovative property, casualty and specialty insurance and reinsurance solutions, offering superior
client service through offices in Bermuda, Europe, Hong Kong, Singapore and the United States. Our
insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company. For further
information on Allied World, please visit our website at www.awac.com.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect our 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, our forward-looking statements could be affected by 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; negative rating agency actions; the adequacy of our
loss reserves; the company 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 managements response to these factors, and other factors identified in
our 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. We are 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
Media:
Faye Cook
Vice President, Marketing & Communications
+1-441-278-5406
faye.cook@awac.com
Faye Cook
Vice President, Marketing & Communications
+1-441-278-5406
faye.cook@awac.com
Investors:
Keith J. Lennox
Investor Relations Officer
+1-646-794-0750
keith.lennox@awac.com
Keith J. Lennox
Investor Relations Officer
+1-646-794-0750
keith.lennox@awac.com
Website: www.awac.com