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NEW YORK, NY, June 30, 2008 — Allied World Assurance Company Holdings, Ltd. and Darwin Professional Underwriters, Inc. announced today a definitive merger agreement whereby Allied World will acquire Darwin for approximately $550 million in cash. Covington & Burling LLP advised UBS Investment Bank, financial advisor to Darwin, on the transaction. Allied World is a global provider of insurance and reinsurance solutions. Darwin is a specialty insurance group focused on the professional liability insurance market and underwrites directors and officers liability coverage for public and private companies, errors and omissions liability insurance, medical malpractice liability insurance, and other specialty coverages. UBS provides investment banking and securities, wealth management, asset management, and retail and corporate banking services worldwide. The Covington corporate team was led by partner J. D. Weinberg and included associates Andrew Ment and Russell Valdez. All are resident in the firm’s New York office.