Allied World U.S. a subsidiary of Allied World Assurance Company Holdings, AG inked an agreement with The Mechanic Group, Inc. to provide a range of primary and excess liability insurance products for security guards, electronic security-alarm and investigation firms. Security training schools, security consultants, building maintenance and intelligence firms will also come under the aegis of the insurance program.
The new line of liability insurance products will be an amalgamation of general and professional liability insurance products combined, and will be available throughout the nation.
Allied World expects the alliance with Mechanic Group to be fruitful as the latter has a reputation of providing customized insurance coverage for the private security and investigation industry over twenty four years and more. As a result, Allied World will be exposed to greater numbers of customers and will deliver a wider range of products than its usual lines. The liaison is thereby expected to help the company accomplish its business expansion objective.
On the other hand The Mechanic Group expects to utilize the expertise of Allied World to provide better services to its customers. The alliance will provide an opportunity to The Mechanic Group to enhance its product portfolio. Thus, the joint effort should lead to newer products offered to its clients.
Earlier this month, Allied World Bermuda, the Bermuda unit of Allied World Assurance, launched an excess casualty coverage package called Constellation. The package consists of five excess casualty coverage products combined in one. The five coverage enhancements offered by Constellation are Uni-Wrap, Affirmative Punitive Damages, Defense-Assistance & Cooperation Provision, Payment of Loss Provision and Business Continuity Protection.
Endurance Specialty Holdings Limited , another property and casualty insurer, last November, launched the Endurance Global weather Unit by acquiring the assets and hiring all the employees of Galileo Weather Risk Management.
Allied World is scheduled to release its fourth-quarter and full year 2012 earnings results on Feb 13. The Zacks Consensus Estimate loss for the fourth quarter of 2012 is $1.92 reflecting nearly 180% year over year decline. However, the Zacks Consensus Estimate for full year 2012 is expected at $5.12, up 10.6% year over year.
Allied World currently carries a Zacks Rank #3 (Hold). Among others from the industry, Fidelity National Financial (FNF - Free Report) and HCC Insurance Holdings (HCC - Free Report) carry a favorable Zacks Rank #1 (Strong Buy) and are worth noting.