Bermuda-based Allied World Assurance Holdings Ltd., parent company of Allied World Assurance Company Ltd. (AWAC), has announced that it has been granted a licence to operate in Ireland and has opened a new European head office in Dublin.

A new subsidiary, Allied World Assurance Company (Europe) Limited will be operating in the Dublin office.

AWAC, one of last year's insurance start-ups, specialises in underwriting property and casualty insurance business world-wide and is tipped to be a potential IPO candidate.

A former Chubb Corporation vice president, John Redmond, has been appointed president of AWAC (Europe) Limited.

Mr. Redmond has senior underwriting and administrative experience and most recently was responsible for Chubb's Commercial Insurance Division in Southern Europe.

The expansion is intended to attract large EU companies seeking to add or replace capacity in the current hard market environment.

President and CEO of Allied World Assurance Holdings, Michael Morrison, said: "With John Redmond at the helm, backed by our Dublin underwriting staff, we see great opportunities to write European Union business through the fast-evolving Irish market."