Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
D'Orazio Frank
   2. Issuer Name and Ticker or Trading Symbol
Allied World Assurance Co Holdings, AG [AWH] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Pres. U/W & Global Risk
(Last)
(First)
(Middle)
ALLIED WORLD ASSURANCE CO. HOLDINGS AG, GUBELSTRASSE 24, PARK TOWER, 15TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
02/22/2015
(Street)

ZUG, V8 6300		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 02/22/2015   M   2,340 A $ 0 (1) 205,041 D  
Common Shares 02/22/2015   M   1,062 A $ 0 (2) 206,103 D  
Common Shares 02/22/2015   D   2,403 D $ 40.4481 (3) 203,700 D  
Common Shares 02/22/2015   F   516 (4) D $ 40.54 203,184 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (1) 02/22/2015   M     2,340   (5)   (5) Common Shares 2,340 (1) 17,157 (6) D  
Restricted Stock Units (2) 02/22/2015   M     1,062   (7)   (7) Common Shares 1,062 (2) 16,095 (6) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
D'Orazio Frank
ALLIED WORLD ASSURANCE CO. HOLDINGS AG
GUBELSTRASSE 24, PARK TOWER, 15TH FLOOR
ZUG, V8 6300		       Pres. U/W & Global Risk  

Signatures

 /s/ Wayne H. Datz, by Power of Attorney   02/24/2015
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On February 22, 2012, the reporting person was granted 9,360 Restricted Stock Units for no monetary consideration. The Restricted Stock Units convert into (i) 1,872 common shares and (ii) cash equal to the market value of 7,488 common shares (measured at the date of vesting) upon the vesting of such Restricted Stock Units. These Restricted Stock Units were previously reported as a grant of 3,120 Restricted Stock Units converting into (i) 624 common shares and (ii) cash equal to the market value of 2,496 common shares. These amounts have been adjusted to reflect the issuer's 3-for-1 stock split paid on May 23, 2014.
(2) On February 22, 2011, the reporting person was granted 4,230 Restricted Stock Units for no monetary consideration. The Restricted Stock Units convert into (i) 2,115 common shares and (ii) cash equal to the market value of 2,115 common shares (measured at the date of vesting) upon the vesting of such Restricted Stock Units. These Restricted Stock Units were previously reported as a grant of 1,410 Restricted Stock Units converting into (i) 705 common shares and (ii) cash equal to the market value of 705 common shares. These amounts have been adjusted to reflect the issuer's 3-for-1 stock split paid on May 23, 2014.
(3) The fair market value of the cash portion was determined using the daily volume-weighted average sales price of the common shares for the five consecutive trading days prior to February 22, 2015, which was on a Sunday.
(4) Exclusively represents shares withheld by the Company with respect to the payment of withholding tax liability incurred upon the vesting of Restricted Stock Units.
(5) The Restricted Stock Units vest in four equal installments with the first installment vesting on February 22, 2013.
(6) Represents Restricted Stock Units held by the reporting person that vest in whole or in part in cash.
(7) The Restricted Stock Units vested in four equal installments with the first installment vesting on February 22, 2012.

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