Although an acquisition—a $550 million deal for Darwin Professional Underwriters in mid-2008—kicked off Allied World’s U.S. expansion in the specialty insurance segment, in the years since Global Insurance CEO Lou Iglesias joined the company in 2012, U.S. growth has come in smaller steps: product launch decisions first, then staffing new offices with underwriters, and finally pushing the new specialty products out to distribution.

“It’s just so satisfying to see from a business standpoint,” Iglesias said, explaining that Allied World’s return on investment from “launching the divisions in the regions organically” is higher than it would be if the strategy instead involved buying companies or teams....

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