Goldman Sachs 2001 Annual Report Goldman Sachs

Letter to Shareholders Core Businesses Business Principles Sept 11 Response Financials Clients

Principle No. 1 Principle No. 2 Principle No. 3 Principle No. 4 Principle No. 5 Principle No. 6 Principle No. 7 Principle No. 8 Principle No. 9 Principle No. 10 Principle No. 11 Principle No. 12 Principle No. 13 Principle No. 14
Our Principles

Establishment of Allied World Assurance Holdings
Seeing a real need and opportunity in the marketplace, American International Group (AIG) and Chubb Corp., along with Goldman Sachs, their long-time advisors, came up with the idea of a new Bermuda-based venture, Allied World Assurance Company (AWAC). AWAC provides insurance products for the business community, responding to a strong upward trend in insurance premiums. In addition to Goldman Sachs acting as placement agent for this transaction, GS Capital Partners and certain employees of Goldman Sachs invested $250 million in AWAC and the firm offered its clients an opportunity to invest alongside the firm in this promising venture. AWAC is now an A+ rated insurance and reinsurance organization that combines AIG's global industry leadership with Goldman Sachs' investment and asset management expertise.

"Insurance markets have experienced unprecedented demand for a number of coverages, without which businesses cannot operate prudently. AWAC will supplement existing market capabilities and capacity, providing a broad range of insurance coverages worldwide for businesses that have large and complex risks."

Maurice "Hank" Greenberg
Allied World Assurance Holdings Ltd.

<Principle 11 Principle 12>



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