UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 19, 2016

 


 

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

(Exact Name of Registrant as Specified in Charter)

 


 

Switzerland

 

001-32938

 

98-0681223

(State or Other Jurisdiction
of Incorporation)

 

(Commission File Number)

 

(I.R.S. Employer
Identification No.)

 

Gubelstrasse 24

Park Tower, 15th Floor

6300 Zug, Switzerland

(Address of Principal Executive Offices and Zip Code)

 

Registrant’s telephone number, including area code: 41-41-768-1080

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 5.02.                Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Effective as of January 1, 2016, Allied World Assurance Company (U.S.) Inc. (“AWAC U.S.”) amended the Allied World Assurance Company (U.S.) Inc. Second Amended and Restated Supplemental Executive Retirement Plan (the “SERP Amendment”).  A copy of the SERP Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference.  The description of the SERP Amendment contained herein is qualified in its entirety by reference to the SERP Amendment.  Capitalized terms used but not defined herein have the meanings set forth in the SERP Amendment.

 

Under the SERP Amendment, and subject to shareholder approval as described below, certain executive officers will be entitled to receive an additional contribution (the “Contribution”) from AWAC U.S.  The Contribution is in addition to the ordinary contributions made by AWAC U.S. under the Second Amended and Restated Supplemental Executive Retirement Plan.  The Contribution vests in four equal annual installments and is subject to forfeiture in the event the executive officer’s employment is terminated prior to January 1, 2020 with Cause (as defined in the SERP Amendment) or by the executive officer without Good Reason (as defined in the SERP Amendment), as follows: (i) 100% will be forfeited if such termination occurs prior to January 1, 2017, (ii) 75% will be forfeited if such termination occurs on or after January 1, 2017 and prior to January 1, 2018, (iii) 50% will be forfeited if such termination occurs on or after January 1, 2018 and prior to January 1, 2019 and (iv) 25% will be forfeited if such termination occurs on or after January 1, 2019 and prior to January 1, 2020.

 

Pursuant to Swiss law, which requires binding shareholder say-on-pay votes for executive compensation, the Contribution is subject to shareholder approval.  Accordingly, the annual installments of the Contribution will be included as part of the aggregate annual compensation amounts to be approved by shareholders at the 2016, 2017, 2018 and 2019 annual shareholder meetings of Allied World Assurance Company Holdings, AG (the “Company”).  At the Company’s 2016 Annual Shareholder Meeting held on April 19, 2016 (the “2016 Annual Shareholder Meeting”), the Company’s shareholders approved the proposals listed in Item 5.07 below and described in the Company’s definitive proxy statement dated March 10, 2016 (the “2016 Proxy Statement”), including Proposal 5 — “Approve the 2016 Compensation for Executives as Required under Swiss Law”, which included the first installment of the Contribution.

 

Item 5.03.                Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

At the 2016 Annual Shareholder Meeting, the Company’s shareholders approved the proposals listed in Item 5.07 below and described in the 2016 Proxy Statement.  The amendment to the Company’s Articles of Association (the “Articles of Association”) to extend the ability of the Company’s board of directors (the “Board”) to issue authorized share capital until April 19, 2018 (Proposal 13) is effective immediately and is reflected in the Company’s amended and restated Articles of Association attached hereto as Exhibit 3.1 and incorporated herein by reference.  The amendment to the Articles of Association to reduce the Company’s share capital through the cancellation of a portion of shares held in treasury (Proposal 11) will become effective upon the registration of such amendment with the Commercial Register in the Canton of Zug, Switzerland, at which time the Company will file amended Articles of Association.

 

Item 5.07.                Submission of Matters to a Vote of Security Holders.

 

The Company’s shareholders considered the following proposals, each of which is described in greater detail in the 2016 Proxy Statement.

 

Proposal 1                                       Election of Directors

 

The Company’s shareholders elected the following directors to hold office until the Company’s Annual Shareholder Meeting in 2017:

 

2



 

 

 

For

 

Against

 

Abstain

 

Broker Non-Votes

 

Barbara T. Alexander

 

68,809,234

 

289,564

 

2,137,505

 

4,965,032

 

Scott A. Carmilani

 

68,310,893

 

1,379,507

 

1,545,903

 

4,965,032

 

Bart Friedman

 

68,701,666

 

340,703

 

2,193,934

 

4,965,032

 

Patricia L. Guinn

 

69,630,732

 

125,404

 

1,480,167

 

4,965,032

 

Fiona E. Luck

 

68,862,415

 

140,516

 

2,233,372

 

4,965,032

 

Patrick de Saint-Aignan

 

68,791,073

 

251,311

 

2,193,919

 

4,965,032

 

Eric S. Schwartz

 

68,728,749

 

313,315

 

2,194,239

 

4,965,032

 

Samuel J. Weinhoff

 

68,773,964

 

268,735

 

2,193,604

 

4,965,032

 

 

Proposal 2                                       Election of Chairman of the Board

 

The Company’s shareholders elected Scott A. Carmilani as the Chairman of the Board to hold office until the Company’s Annual Shareholder Meeting in 2017.

 

For

 

Against

 

Abstain

 

Broker Non-Votes

 

54,786,722

 

14,903,624

 

1,545,957

 

4,965,032

 

 

Proposal 3                                       Election of Compensation Committee Members

 

The Company’s shareholders elected the following directors as members of the Compensation Committee of the Board to serve until the Company’s Annual Shareholder Meeting in 2017:

 

 

 

For

 

Against

 

Abstain

 

Broker Non-Votes

 

Barbara T. Alexander

 

68,609,038

 

428,740

 

2,198,525

 

4,965,032

 

Bart Friedman

 

68,497,781

 

540,465

 

2,198,057

 

4,965,032

 

Fiona E. Luck

 

68,660,218

 

338,264

 

2,237,821

 

4,965,032

 

Patrick de Saint-Aignan

 

68,590,923

 

446,626

 

2,198,754

 

4,965,032

 

Eric S. Schwartz

 

68,633,223

 

404,786

 

2,198,294

 

4,965,032

 

Samuel J. Weinhoff

 

68,573,042

 

465,186

 

2,198,075

 

4,965,032

 

 

Proposal 4                                       Election of the Independent Proxy

 

The Company’s shareholders elected Buis Buergi AG as the independent proxy to serve until the conclusion of the Company’s Annual Shareholder Meeting in 2017.

 

For

 

Against

 

Abstain

 

74,567,534

 

33,269

 

1,600,532

 

 

Proposal 5                                       Approve the 2016 Compensation for Executives as Required under Swiss Law

 

The Company’s shareholders approved the 2016 compensation for executives as required under Swiss law.

 

For

 

Against

 

Abstain

 

Broker Non-Votes

 

68,497,742

 

431,091

 

2,307,470

 

4,965,032

 

 

Proposal 6                                       Approve the 2016 Compensation for Directors as Required under Swiss Law

 

The Company’s shareholders approved the 2016 compensation for directors as required under Swiss law.

 

For

 

Against

 

Abstain

 

Broker Non-Votes

 

68,499,324

 

144,691

 

2,592,288

 

4,965,032

 

 

3



 

Proposal 7                                       Advisory Vote on Named Executive Officer Compensation

 

The Company’s shareholders approved an advisory vote on the Company’s named executive officer compensation.

 

For

 

Against

 

Abstain

 

Broker Non-Votes

 

44,320,791

 

24,625,671

 

2,289,841

 

4,965,032

 

 

Proposal 8                                       Approval of the Company’s Annual Report and Financial Statements

 

The Company’s shareholders approved the Company’s 2015 Annual Report and its consolidated financial statements and audited statutory financial statements for the year ended December 31, 2015.

 

For

 

Against

 

Abstain

 

74,155,764

 

19,327

 

2,026,244

 

 

Proposal 9                                       Approval of Retention of Disposable Profits

 

The Company’s shareholders approved the retention of disposable profits.

 

For

 

Against

 

Abstain

 

74,550,492

 

34,567

 

1,616,276

 

 

Proposal 10                                Approval of Dividend Payments

 

The Company’s shareholders approved the payment of dividends to the Company’s shareholders from general legal reserve from capital contributions.

 

For

 

Against

 

Abstain

 

74,595,708

 

9,829

 

1,595,798

 

 

Proposal 11                                Approval of Cancellation of Treasury Shares

 

The Company’s shareholders approved an amendment to the Articles of Association to reduce the Company’s share capital through the cancellation of a portion of shares held in treasury.

 

For

 

Against

 

Abstain

 

74,565,639

 

15,318

 

1,620,378

 

 

Proposal 12                                Approval of New Share Repurchase Program

 

The Company’s shareholders approved a new $500 million share repurchase program.

 

For

 

Against

 

Abstain

 

60,291,119

 

15,171,496

 

738,720

 

 

4



 

Proposal 13                                Approval of Extension of Board’s Ability to Issue Authorized Share Capital

 

The Company’s shareholders approved an amendment to the Articles of Association to extend the Board’s ability to issue authorized share capital until April 19, 2018.

 

For

 

Against

 

Abstain

 

72,384,745

 

1,417,804

 

2,398,786

 

 

Proposal 14                                Election of Auditors

 

The Company’s shareholders elected Deloitte & Touche LLP as the Company’s independent auditor and Deloitte AG as the Company’s statutory auditor, each to serve until the Company’s Annual Shareholder Meeting in 2017.

 

For

 

Against

 

Abstain

 

74,268,661

 

339,560

 

1,593,114

 

 

Proposal 15                                Election of Special Auditor

 

The Company’s shareholders elected PricewaterhouseCoopers AG as the Company’s special auditor to serve until the Company’s Annual Shareholder Meeting in 2016.

 

For

 

Against

 

Abstain

 

74,595,276

 

9,109

 

1,596,950

 

 

Proposal 16                                Approval of Granting a Discharge

 

The Company’s shareholders approved a discharge to the Company’s board of directors and executive officers from liabilities for their actions during the year ended December 31, 2015.

 

For

 

Against

 

Abstain

 

Broker Non-Votes

 

69,324,654

 

529,603

 

1,382,046

 

4,965,032

 

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)                                 Exhibits

 

Exhibit
Number

 

Description

 

 

 

3.1

 

Articles of Association of Allied World Assurance Company Holdings, AG, as amended and restated.

 

 

 

10.1

 

Amendment to the Allied World Assurance Company (U.S.) Inc. Second Amended and Restated Supplemental Executive Retirement Plan, effective as of January 1, 2016.

 

5



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

 

 

 

 

Dated: April 25, 2016

By:

/s/ Wesley D. Dupont

 

Name:

Wesley D. Dupont

 

Title:

Executive Vice President & General Counsel

 

6



 

EXHIBIT INDEX

 

Exhibit
Number

 

Description

 

 

 

3.1

 

Articles of Association of Allied World Assurance Company Holdings, AG, as amended and restated.

 

 

 

10.1

 

Amendment to the Allied World Assurance Company (U.S.) Inc. Second Amended and Restated Supplemental Executive Retirement Plan, effective as of January 1, 2016.

 

7