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PEMBROKE, Bermuda, Sept. 9 /PRNewswire-FirstCall/ -- Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today announced the promotion of David Bell to the position of Chief Operating and Administrative Officer of Allied World Assurance Company, Ltd, its Bermuda insurance subsidiary, from his most recent position of Senior Vice President, Global Product Line Manager, Professional Liability. He will continue to be based in Bermuda.

In his new role, Mr. Bell will plan and direct all aspects of the organization's operations and strategic processes, procedures and controls. He will implement and manage projects developed in conjunction with the President and Chief Executive Officer to attain both short and long-term operational and strategic goals for the Bermuda and international operations of Allied World.

Allied World's Chairman, President and CEO, Scott Carmilani, commented, "I'm proud to announce David's new position within our company. His knowledge, experience and enthusiasm have proven to be a great asset, and I'm confident in his ability to guide Allied World in attaining our operational and strategic goals as we move forward."

Mr. Bell began working with Allied World in February of 2002 when he started the company's professional lines division. Previously, he worked with Chubb Insurance where he managed the professional lines operations in the Florida region, in addition to overseeing Chubb's corporate lobbying efforts in Florida. Mr. Bell is also active within the nonprofit community, serving as President Elect of PLUS (Professional Liability Underwriting Society).

Mr. Bell holds a degree in Finance from the University of Montana.

About Allied World Assurance Company

Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of insurance and reinsurance solutions, offering superior client service through offices in Bermuda, the United States and Europe. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company and A- (Strong) by Standard & Poor's. Our Bermuda and U.S. insurance and reinsurance subsidiaries are rated A2 (Good) by Moody's Investors Service. 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; investigations of market practices and related settlement terms; 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 management's 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

CONTACT: Media, Faye Cook, AVP, Marketing & Communications, +1-441-278-5406, faye.cook@awac.com; or Investors, Keith J. Lennox, Investor Relations Officer, +1-212-635-5319, keith.lennox@awac.com, both of Allied World Assurance Company Holdings

Web site: http://www.awac.com

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