Allied World Assurance Company (AWAC) are kicking in to gear with word yesterday that senior management have been appointed and they are now staffed up with 19 employees working out of their Hamilton headquarters.

AWAC was one of the now 11 insurers to set up on the Island in the wake of the September 11 terrorist attacks.

It is a class four insurer, with $1.5 billion in capital.

The company issued a statement yesterday at the World Insurance Forum being held at the Southampton Princess.

CEO Michael Morrison said: "I am delighted with the caliber and experience of the staff the company has attracted.

"All the key elements are now in place for AWAC to fulfil its mission: clean capital, the very best people, the highest level of support and the desire to provide the best service in the industry."

As previously reported, AIG chair Maurice Greenberg - who cancelled out on attendance at this week's insurance forum because of illness - is serving as chair of the AWAC board.