Allied World Assurance 8-K Results of Operations and Financial Condition

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD REPORTS RECORD
FOURTH QUARTER AND FULL YEAR
2006 OPERATING RESULTS

PEMBROKE, BERMUDA,February 12, 2007— Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today reported net income of $128.4 million, or $2.04 per diluted share, for the fourth quarter 2006 compared to a net loss of $12.3 million, or $0.24 per diluted share, for the fourth quarter 2005. Net income for the year ended December 31, 2006 was $442.8 million, or $7.75 per diluted share, compared to a net loss of $159.8 million, or $3.19 per diluted share, for the year ended December 31, 2005. Results in 2005 were adversely impacted by Hurricanes Katrina, Rita and Wilma.

The company reported record operating income of $133.6 million, or $2.12 per diluted share, for the fourth quarter 2006 compared to an operating loss of $5.3 million, or $0.11 per diluted share, for the fourth quarter 2005. Operating income for the year ended December 31, 2006 was $472.1 million, or $8.27 per diluted share, compared to a net loss of $147.4 million, or $2.94 per diluted share, for the year ended December 31, 2005.

President and Chief Executive Officer Scott Carmilani commented, “During the quarter, Allied World marked its fifth anniversary, and we are very proud of what we have accomplished in our first five years. In 2006, we took the company public, consolidated our Bermuda operations into new corporate headquarters and expanded our U.S. operating platform.”

“On top of these successes, each operating segment performed extremely well during 2006, and we can now report record net and operating income for the quarter and for the full year. We have grown our diluted book value per share by 25% during the year and increased our capital base to over $2.7 billion, a 42% increase from the beginning of the year.”

Mr. Carmilani continued, “As a maturing company with a global diversified platform firmly in place, we are working to maintain our underwriting discipline through the current market conditions. We are bolstered by a very strong balance sheet, strong financial ratings, and an invested asset base that is approaching $6 billion. We believe that we are very well positioned as we move forward in 2007.”

Underwriting Results

Gross premiums written were $280.1 million in the fourth quarter 2006, a 1.2% decrease compared to $283.4 million in the fourth quarter 2005. For the year ended December 31, 2006, gross premiums written totaled $1,659.0 million, a 6.3% increase compared to $1,560.3 million for the year ended December 31, 2005. This increase was primarily the result of increased premiums from the company’s reinsurance segment due to new business written during the year and from upward premium adjustments on prior year business. In addition, premiums written increased due to continued expansion of the company’s U.S distribution platform and from increases in general property rates in certain North America catastrophe exposed areas and increased market opportunities that developed following the 2005 hurricane season.

Net premiums written were $210.7 million in the fourth quarter 2006, a 1.3% decrease compared to $213.6 million in the fourth quarter 2005. For the year ended December 31, 2006, net premiums written totaled $1,306.6 million, a 6.9% increase compared to $1,222.0 million for the year ended December 31, 2005, which corresponds with the increase in gross premiums written during the same period.

Net premiums earned in the fourth quarter 2006 were $319.8 million, a 5.9% increase compared to $302.0 million in the fourth quarter 2005. For the year ended December 31, 2006, net premiums earned totaled $1,252.0 million, a 1.5% decrease from net premiums earned of $1,271.5 million for the year ended December 31, 2005. This decrease reflects the reduced level of net premiums written during 2005.

The combined ratio was 75.3% in the fourth quarter 2006 compared to 115.8% in the fourth quarter 2005. The loss ratio was 53.9% in the fourth quarter 2006 compared to 95.6% in the fourth quarter 2005. During the fourth quarter 2006, the company recorded net favorable reserve development on prior accident years of $43.1 million, a benefit of 13.5 percentage points to the company’s loss ratio for this quarter. The combined ratio for the year ended December 31, 2006 was 78.8% compared to 124.4% for the year ended December 31, 2005. Results for the quarter ended December 31, 2005 were impacted by Hurricane Wilma while results for the year ended December 31, 2005 were adversely impacted by Hurricanes Katrina, Rita and Wilma.

Investment Results

Net investment income in the fourth quarter 2006 was $66.0 million, an increase of 29.9% over the $50.8 million of net investment income in the fourth quarter 2005. For the year ended December 31, 2006, net investment income was $244.4 million, an increase of 36.9% over $178.6 million for the year ended December 31, 2005. These increases primarily reflect the increase in the company’s invested asset base driven by strong operating cash flows and the receipt of approximately $316 million in net proceeds from the company’s initial public offering completed in July 2006. During the fourth quarter 2006, the company recorded net realized losses of $4.2 million compared to net realized losses of $5.3 million in the fourth quarter 2005. For the year ended December 31, 2006, the company recorded net realized losses of $28.7 million compared to net realized losses of $10.2 million for the year ended December 31, 2005.

Legal Matter

The company has a pending legal matter stemming from a Civil Investigative Demand received from the State of Texas in November 2005. Based on discussions with representatives of the Attorney General of that state, the investigation is currently expected to proceed to a settlement. This is likely to result in certain payments that would be adverse to the company. Based on those discussions, the company has reserved $2.1 million for settlement payments to be made to the State of Texas.

Shareholders’ Equity

Shareholders’ equity exceeded $2.2 billion at December 31, 2006, including net proceeds from the company’s initial public offering, compared to $1.4 billion reported at December 31, 2005. Diluted book value per share was $35.26 at December 31, 2006 compared to $28.20 at December 31, 2005. The company’s annualized return on average equity for the quarter and the year ended December 31, 2006 was 23.9% and 24.2%, respectively. The company’s annualized operating return on average equity for the quarter and the year ended December 31, 2006 was 24.8% and 25.8%, respectively.

Conference Call

Allied World Assurance Company Holdings, Ltd will host a conference call on Tuesday, February 13, 2007 at 8:30 a.m. (Eastern Time) to discuss its fourth quarter financial results. The public may access a live webcast of the conference call at the “Investor Relations” section of the company’s website at www.awac.com. In addition, the conference call can be accessed by dialing (866) 203-3436 (U.S. and Canada callers) or (617) 213-8849 (international callers) and entering the passcode 43663034 approximately ten minutes prior to the call.

Following the conclusion of the presentation, a replay of the call will be available through Tuesday, February 27, 2007 by dialing (888) 286-8010 (U.S. and Canada callers) or (617) 801-6888 (international callers) and entering the passcode 19573156. In addition, the webcast will remain available online through Tuesday, February 27, 2007 at www.awac.com.

Financial Supplement

A financial supplement relating to the fourth quarter of 2006 will be available at the “Investor Relations” section of the company’s website at www.awac.com.

Non-GAAP Financial Measures

In presenting the company’s results, management has included and discussed in this press release certain non-GAAP financial measures within the meaning of Regulation G as promulgated by the U.S. Securities and Exchange Commission. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the company’s results of operations in a manner that allows for a more complete understanding of the underlying trends in the company’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP.

“Operating income” is an internal performance measure used by the company in the management of its operations and represents after-tax operational results excluding, as applicable, net realized investment gains or losses and foreign exchange gains or losses. The company excludes net realized investment gains or losses and net foreign exchange gains or losses from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part according to, the availability of market

opportunities. The company believes these amounts are largely independent of its business and underwriting process and including them may distort the analysis of trends in its insurance and reinsurance operations. In addition to presenting net income determined in accordance with GAAP, the company believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the company’s results of operations in a manner similar to how management analyzes the company’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income.

The company has included “diluted book value per share” because it takes into account the effect of dilutive securities; therefore, the company believes it is a better measure of calculating shareholder returns than book value per share.

“Annualized return on average equity” (ROAE) is calculated using average equity, excluding the average after tax unrealized gains or losses on investments. Unrealized gains (losses) on investments are primarily the result of interest rate movements and the resultant impact on fixed income securities. Such gains (losses) are not related to management actions or operational performance, nor are they likely to be realized. Therefore, the company believes that excluding these unrealized gains (losses) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. In calculating ROAE, the net income (loss) available to shareholders for the period is multiplied by the number of such periods in a calendar year in order to arrive at annualized net income (loss) available to shareholders. The company presents ROAE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

“Annualized operating return on average equity” is calculated using operating income (as defined above and annualized in the manner described for net income (loss) available to shareholders under ROAE above), and average equity, excluding the average after tax unrealized gains (losses) on investments. Unrealized gains (losses) are excluded from equity for the reasons outlined in the annualized return on average equity explanation above.

Reconciliations of these financial measures to their most directly comparable GAAP measures are included in the attached tables.

About Allied World Assurance Company

Allied World Assurance Company Holdings, Ltd, founded in November 2001, is one of Bermuda’s leading property and casualty insurers. The company, through its operating subsidiaries, offers property and casualty insurance and reinsurance on a worldwide basis. The principal operating subsidiaries of Allied World Assurance Company Holdings, Ltd have A (Excellent) ratings from A.M. Best Company and A- ratings from Standard & Poor’s. The company’s Bermuda and U.S. operating subsidiaries are rated A2 by Moody’s Investors Service.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that involve inherent risks and uncertainties. Statements that are not historical facts, including statements that use terms such as “believes,” “anticipates,” “intends” or “expects” and that relate to our plans and objectives for future operations, are forward-looking statements. In light of the risks and uncertainties inherent in all forward-looking statements, the inclusion of such statements in this press release should not be considered as a representation by us or any other person that our objectives or plans will be achieved. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: (a) the effects of competitors��� pricing policies, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products; (b) the effects of investigations into market practices, in particular insurance brokerage practices, together with any legal or regulatory proceedings, related settlements and industry reform or other changes arising therefrom; (c) the impact of acts of terrorism and acts of war; (d) greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events, than our underwriting, reserving or investment practices have anticipated; (e) increased competition due to an increase in capacity of property and casualty insurers or reinsurers; (f) the inability to obtain or maintain financial strength ratings by one or more of the company’s subsidiaries; (g) the adequacy of our loss reserves and the need to adjust such reserves as claims develop over time; (h) the company or one of its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; (i) changes in regulations or tax laws applicable to the company, its subsidiaries, brokers or customers; (j) changes in the availability, cost or quality of reinsurance or retrocessional coverage; (k) loss of key personnel; (l) changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors that could affect the company’s investment portfolio; and (m) such other risk factors as may be discussed in our most recent documents on file with the SEC. 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.

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Expressed in thousands of United States dollars, except share and per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2006			2005			2006			2005
Revenues:
Gross premiums written	$	280,111		$	283,393		$	1,659,025		$	1,560,326
Premiums ceded		(69,372	)		(69,822	)		(352,429	)		(338,375	)
Net premiums written		210,739			213,571			1,306,596			1,221,951
Change in unearned premiums		109,052			88,461			(54,586	)		49,560
Net premiums earned		319,791			302,032			1,252,010			1,271,511
Net investment income		66,009			50,823			244,360			178,560
Net realized investment losses		(4,190	)		(5,286	)		(28,678	)		(10,223	)
Total Revenue		381,610			347,569			1,467,692			1,439,848
Expenses:
Net losses and loss expenses		172,395			288,669			739,133			1,344,600
Acquisition costs		34,568			33,604			141,488			143,427
General and administrative expenses		33,856			27,594			106,075			94,270
Interest expense		9,510			5,832			32,566			15,615
Foreign exchange loss		1,092			1,670			601			2,156
Total Expenses		251,421			357,369			1,019,863			1,600,068
Income (loss) before income taxes		130,189			(9,800	)		447,829			(160,220	)
Income tax expense (recovery)		1,827			2,478			4,991			(444	)
NET INCOME (LOSS)	$	128,362		$	(12,278	)	$	442,838		$	(159,776	)
PER SHARE DATA:
Basic earnings (loss) per share	$	2.13		$	(0.24	)	$	8.09		$	(3.19	)
Diluted earnings (loss) per share	$	2.04		$	(0.24	)	$	7.75		$	(3.19	)
Weighted average common shares outstanding		60,284,459			50,162,842			54,746,613			50,162,842
Weighted average common shares and common share equivalents outstanding		62,963,243			50,162,842			57,115,171			50,162,842

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of United States dollars, except share and per share amounts)

	As of December		As of December
	31, 2006		31, 2005
ASSETS:
Fixed maturity investments available for sale at fair value (amortized cost: 2006: $5,188,379; 2005: $4,442,040)	$	5,177,812	$	4,390,457
Other invested assets available for sale, at fair value (cost: 2006: $245,657; 2005: $270,138)		262,557		296,990
Cash and cash equivalents		366,817		172,379
Restricted cash		138,223		41,788
Securities lending collateral		304,742		456,792
Insurance balances receivable		304,261		218,044
Prepaid reinsurance		159,719		140,599
Reinsurance recoverable		689,105		716,333
Accrued investment income		51,112		48,983
Deferred acquisition costs		100,326		94,557
Intangible assets		3,920		3,920
Balances receivable on sale of investments		16,545		3,633
Income tax assets		5,140		8,516
Other assets		40,301		17,501
Total assets	$	7,620,580	$	6,610,492
LIABILITIES:
Reserve for losses and loss expenses	$	3,636,997	$	3,405,353
Unearned premiums		813,797		740,091
Unearned ceding commissions		23,914		27,465
Reinsurance balances payable		82,212		28,567
Securities lending payable		304,742		456,792
Senior notes		498,577		—
Long term debt		—		500,000
Accounts payable and accrued liabilities		40,257		31,958
Total liabilities	$	5,400,496	$	5,190,226
SHAREHOLDERS’ EQUITY:
Common stock, par value $0.03 per share, issued and outstanding 2006: 60,287,696 shares; 2005: 50,162,842 shares		1,809		1,505
Additional paid-in capital		1,822,607		1,488,860
Retained earnings (accumulated deficit)		389,204		(44,591	)
Accumulated other comprehensive income (loss): net unrealized gains (losses) on investments, net of tax		6,464		(25,508	)
Total shareholders’ equity		2,220,084		1,420,266
Total liabilities and shareholders’ equity	$	7,620,580	$	6,610,492

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

UNAUDITED CONSOLIDATED SEGMENT DATA

(Expressed in thousands of United States dollars, except for ratio information)

Three Months Ended December 31, 2006	Property			Casualty			Reinsurance			Total
Gross premiums written	$	89,072		$	147,314		$	43,725		$	280,111
Net premiums written		40,846			126,169			43,724			210,739
Net premiums earned		49,151			133,805			136,835			319,791
Net losses and loss expenses		(28,029	)		(72,766	)		(71,600	)		(172,395	)
Acquisition costs		(384	)		(6,821	)		(27,363	)		(34,568	)
General and administrative expenses		(8,061	)		(16,935	)		(8,860	)		(33,856	)
Underwriting income		12,677			37,283			29,012			78,972
Net investment income											66,009
Net realized investment losses											(4,190	)
Interest expense											(9,510	)
Foreign exchange loss											(1,092	)
Income before income taxes										$	130,189
GAAP Ratios:
Loss and loss expense ratio		57.0	%		54.4	%		52.3	%		53.9	%
Acquisition cost ratio		0.8	%		5.1	%		20.0	%		10.8	%
General and administrative expense ratio		16.4	%		12.6	%		6.5	%		10.6	%
Combined ratio		74.2	%		72.1	%		78.8	%		75.3	%

Three Months Ended December 31, 2005	Property			Casualty			Reinsurance			Total
Gross premiums written	$	96,420		$	154,563		$	32,410		$	283,393
Net premiums written		47,505			133,770			32,296			213,571
Net premiums earned		48,276			133,481			120,275			302,032
Net losses and loss expenses		(64,926	)		(108,385	)		(115,358	)		(288,669	)
Acquisition costs		2,035			(8,668	)		(26,971	)		(33,604	)
General and administrative expenses		(6,067	)		(13,598	)		(7,929	)		(27,594	)
Underwriting (loss) income		(20,682	)		2,830			(29,983	)		(47,835	)
Net investment income											50,823
Net realized investment losses											(5,286	)
Interest expense											(5,832	)
Foreign exchange loss											(1,670	)
Loss before income taxes										$	(9,800	)
GAAP Ratios:
Loss and loss expense ratio		134.5	%		81.2	%		95.9	%		95.6	%
Acquisition cost ratio		(4.2	%)		6.5	%		22.4	%		11.1	%
General and administrative expense ratio		12.6	%		10.2	%		6.6	%		9.1	%
Combined ratio		142.8	%		97.9	%		124.9	%		115.8	%

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

UNAUDITED CONSOLIDATED SEGMENT DATA

(Expressed in thousands of United States dollars, except for ratio information)

Year Ended December 31, 2006	Property			Casualty			Reinsurance			Total
Gross premiums written	$	463,903		$	622,387		$	572,735		$	1,659,025
Net premiums written		193,655			540,980			571,961			1,306,596
Net premiums earned		190,784			534,294			526,932			1,252,010
Net losses and loss expenses		(114,994	)		(331,759	)		(292,380	)		(739,133	)
Acquisition costs		2,247			(30,396	)		(113,339	)		(141,488	)
General and administrative expenses		(26,294	)		(52,809	)		(26,972	)		(106,075	)
Underwriting income		51,743			119,330			94,241			265,314
Net investment income											244,360
Net realized investment losses											(28,678	)
Interest expense											(32,566	)
Foreign exchange loss											(601	)
Income before income taxes										$	447,829
GAAP Ratios:
Loss and loss expense ratio		60.3	%		62.1	%		55.5	%		59.0	%
Acquisition cost ratio		(1.2	%)		5.7	%		21.5	%		11.3	%
General and administrative expense ratio		13.8	%		9.9	%		5.1	%		8.5	%
Combined ratio		72.9	%		77.7	%		82.1	%		78.8	%

Year Ended December 31, 2005	Property			Casualty			Reinsurance			Total
Gross premiums written	$	412,879		$	633,075		$	514,372		$	1,560,326
Net premiums written		170,781			557,622			493,548			1,221,951
Net premiums earned		226,828			581,330			463,353			1,271,511
Net losses and loss expenses		(410,265	)		(430,993	)		(503,342	)		(1,344,600	)
Acquisition costs		(5,685	)		(33,544	)		(104,198	)		(143,427	)
General and administrative expenses		(20,261	)		(44,273	)		(29,736	)		(94,270	)
Underwriting (loss) income		(209,383	)		72,520			(173,923	)		(310,786	)
Net investment income											178,560
Net realized investment losses											(10,223	)
Interest expense											(15,615	)
Foreign exchange loss											(2,156	)
Loss before income taxes										$	(160,220	)
GAAP Ratios:
Loss and loss expense ratio		180.9	%		74.1	%		108.6	%		105.7	%
Acquisition cost ratio		2.5	%		5.8	%		22.5	%		11.3	%
General and administrative expense ratio		8.9	%		7.6	%		6.4	%		7.4	%
Combined ratio		192.3	%		87.5	%		137.5	%		124.4	%

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

UNAUDITED OPERATING INCOME RECONCILIATION

(Expressed in thousands of United States dollars, except share and per share amounts)

	Three Months Ended December 31,					Year Ended December 31,
	2006		2005			2006		2005
Net income (loss)	$	128,362	$	(12,278	)	$	442,838	$	(159,776	)
Net realized investment losses		4,190		5,286			28,678		10,223
Foreign exchange loss		1,092		1,670			601		2,156
Operating income (loss)	$	133,644	$	(5,322	)	$	472,117	$	(147,397	)
Weighted average common shares outstanding:
Basic		60,284,459		50,162,842			54,746,613		50,162,842
Diluted		62,963,243		50,162,842			57,115,171		50,162,842
Basic per share data:
Net income (loss)	$	2.13	$	(0.24	)	$	8.09	$	(3.19	)
Net realized investment losses		0.07		0.11			0.52		0.21
Foreign exchange loss		0.02		0.02			0.01		0.04
Operating income (loss)	$	2.22	$	(0.11	)	$	8.62	$	(2.94	)
Diluted per share data
Net income (loss)	$	2.04	$	(0.24	)		7.75	$	(3.19	)
Net realized investment losses		0.06		0.11			0.51		0.21
Foreign exchange loss		0.02		0.02			0.01		0.04
Operating income (loss)	$	2.12	$	(0.11	)		8.27	$	(2.94	)

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

UNAUDITED DILUTED BOOK VALUE PER SHARE RECONCILIATION

(Expressed in thousands of United States dollars, except share and per share amounts)

	As of December			As of December
	31, 2006			31, 2005
Price per share at period end	$	43.63			N/A
Total shareholders’ equity		2,220,084			1,420,266
Basic common shares outstanding		60,287,696			50,162,842
Add: unvested restricted share units		704,372			127,163
Add: long-term incentive plan share units		342,501			—
Add: dilutive options/warrants outstanding		6,695,990			662,833
Weighted average exercise price per share	$	33.02		$	24.88
Less: treasury stock method adjustment		(5,067,534	)		(582,486	)
Common shares and common share equivalents outstanding		62,963,025			50,370,352
Basic book value per common share	$	36.82		$	28.31
Diluted book value per common share	$	35.26		$	28.20

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS’ EQUITY RECONCILIATION

(Expressed in thousands of United States dollars, except for percentage information)

	Three Months Ended December 31,						Year Ended December 31,
	2006			2005			2006			2005
Opening shareholders’ equity	$	2,094,872		$	1,441,956		$	1,420,266		$	2,138,521
(Deduct)/add: net unrealized (gains) losses on investments, net of tax		(3,447	)		16,095			25,508			(33,171	)
Adjusted opening shareholders’ equity		2,091,425			1,458,051			1,445,774			2,105,350
Closing shareholders’ equity		2,220,084			1,420,266			2,220,084			1,420,266
(Deduct)/add: net unrealized (gains) losses on investments, net of tax		(6,464	)		25,508			(6,464	)		25,508
Adjusted closing shareholders’ equity		2,213,620			1,445,774			2,213,620			1,445,774
Average shareholders’ equity	$	2,152,523		$	1,451,913		$	1,829,697		$	1,775,562
Net income (loss) available to shareholders	$	128,362		$	(12,278	)	$	442,838		$	(159,776	)
Annualized net income (loss) available to shareholders		513,448			(49,112	)		442,838			(159,776	)
Annualized return on average shareholders’ equity — net income (loss) available to shareholders		23.9	%		(3.4	%)		24.2	%		(9.0	%)
Operating income (loss) available to shareholders	$	133,644		$	(5,322	)	$	472,117		$	(147,397	)
Annualized operating income (loss) available to shareholders		534,576			(21,288	)		472,117			(147,397	)
Annualized return on average shareholders’ equity — operating income (loss) available to shareholders		24.8	%		(1.5	%)		25.8	%		(8.3	%)

For further information, please contact:

Investor Contact:	Media Contact:
Keith Lennox	Jamie Tully/Susan Burns
Allied World Assurance Company	Sard Verbinnen & Co
212-635-5319	212-687-8080
keith.lennox@awac.com	jtully@sardverb.com
	sburns@sardverb.com