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Allied World reaches for the sky with new Lloyd’s syndicate

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Courtesy of British AirwaysAllied World launch: Pictured at the launch of Allied World's Lloyd's syndicate 2232 in London last week are (from left) Darren Powell, Syndicate 2232's active underwriter; Marianne Wilcox, British Airways manager, Bermuda; Frank D'Orazio, Allied World president and chief underwriting officer; and Drexel Lewis, BA's public relations officer in New York.

More than 300 people turned out at a London celebration of the official launch of Allied World Assurance Company Holdings Ltd’s new Lloyd’s syndicate 2232 - a number that carries a significant Bermuda connection.It is more than a coincidence that 2232 is also the number of the British Airways flight from Bermuda to London’s Gatwick Airport.Hundreds of guests, including a heavy representation of London brokers, toasted 2232 on the top floor of The Gherkin, one of London’s most distinctive buildings and also home to the London office of Allied World.The decision on choosing a number for the syndicate had not been taken lightly, said Allied World president Frank D’Orazio.“We took three or four different options and tried to be clever,” Mr D’Orazio said. “We came up with 2232, the BA flight number, as a way of demonstrating our Bermuda heritage and also to show how we have grown outwards and into Europe.”The insurer took out a full-page advertisement in BA’s in-flight magazine High Life to illustrate the link between the number of the syndicate and the Island’s only direct flight to Europe.The number, along with the Allied World name, is now prominently displayed at the syndicate’s “box” in the spectacular Lloyd’s building in Lime Street, London.Allied moved its holding company and several of its senior managers away from Bermuda last year, when it redomesticated to Switzerland. But it continues to have substantial insurance and reinsurance operations on the Island.The syndicate opened for business at the end of June last year and its active underwriter is Darren Powell.Mr Powell said the syndicate’s focus was on Asia-Pacific and Latin American business, in select product lines, including international property, general casualty, professional lines and international treaty.“Allied World has been in London for about eight years and we have about 50 employees there,” Mr D’Orazio said. “Darren is our active underwriter and Capita Managing Agency is the managing agent for the syndicate.”Asked how Allied World had changed since the redomestication, Mr D’Orazio said: “I don’t think anything has changed. The business plan remains the same - to expand geographically.“We are heavily weighted in North America through the business we write in the US and Bermuda. We are aiming to do more business outside North America and the syndicate is a good vehicle for that.”

Celebration: Guests mark the official launch of Allied World's new Lloyd's syndicate 2232 last week at the top of The Gherkin