Allied World Assurance Company Holdings, GmbH is developing a new multinational platform to allow Fairfax Financial Holdings Limited to collaborate across its group of companies and issue locally admitted insurance policies.
The platform, called Fairfax WorldWideSM, will enable the issuance of locally admitted insurance policies using Fairfax subsidiary licensing capabilities and other strategic partners, Allied World explained.
The company announced that the platform is to be rolled-out in phases and will be modelled after Allied World’s existing Allied WorldWide multinational platform, supported by a global cross-functional team and an innovative IT system.
Allied World added that the platform will facilitate collaboration across the entire Fairfax network to deliver global policy placement services.
“Once fully implemented, Fairfax WorldWideSM will provide us with the ability to collaborate across the Fairfax group of companies to seamlessly and reliably issue locally admitted insurance policies,” said Karl Jordan, Senior Vice President of Fairfax WorldWideSM.
“Our global team is pleased to expand our network and leverage our sister companies across the world to better serve our customers,” he added.
Allied World is a global re/insurer and subsidiary Fairfax, having been acquired the company in July 2017.