Allied World Europe Wins Insurance Day's Underwriting Team of The Year Award

ZUG, Switzerland, December 8, 2010 - Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today
that Allied World Europe's Professional Liability team won the Underwriting
Team of the Year Award at Insurance Day's London Market Awards. The event was
held at The Grosvenor House Hotel in London on Thursday evening, December 2,
2010.

Award recipients are chosen from entries taken from all sectors of
London's thriving insurance market and are adjudicated by a judging panel
which this year included: Rees Aronson, partner within KPMG's insurance
sector group; Neil Holmes, senior banker within the international client
coverage team of Credit Agricole Corporate and Investment Bank; Russell
Higginbotham, head, UK and Ireland market unit, Swiss Re; Barnabas
Hurst-Bannister, chairman of the London Market Group; Sue Langley, director,
Lloyd's market operations and North America; Dave Matcham, chief executive of
the International Underwriting Association of London; and Graham White,
managing director of Argenta Private Capital Limited.

John Redmond, President for Allied World Europe, commented, "We are
exceptionally proud of our Professional Liability team whose quality
underwriting and attention to service during this difficult market cycle has
paid off. This award recognizes those achievements."

Richard Banks, editor of Insurance Day, said: "During the qualifying
period, Allied World had to face and overcome many challenges, including
responding to the financial crisis on its FI portfolio. Despite tough market
conditions it has remained innovative and nimble while maintaining a sense of
balance and vision for other areas of the company."

About Allied World Assurance Company

Allied World Assurance Company Holdings, AG, through its subsidiaries, is
a global provider of innovative property, casualty and specialty insurance
and reinsurance solutions, offering superior client service through a global
network of branches and affiliates. Our insurance and reinsurance
subsidiaries are rated A (Excellent) by A.M. Best Company, and our Lloyd's
Syndicate 2232 is rated A+ (Strong) by Standard & Poor's and Fitch. Please
visit our website at www.awac.com for further information on Allied
World.

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; 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.

for Media:, Faye Cook, VP, Marketing & Communications, +1-441-278-5406, faye.cook at awac.com; for Investors: Keith J. Lennox, Investor Relations Officer, +1-646-794-0750, keith.lennox at awac.com