Allied World Assurance Company Holdings AG announced the commencement of its in-house trade credit and political risk insurance platform with the completion of its previously announced acquisition of its former program administrator, Latin American Underwriters Holdings Ltd.
LAU has underwritten trade credit insurance and political risk coverages solely for Allied World since 2010, and underwrote $28.5 million of gross premiums in 2013.
As part of the acquisition, LAU’s underwriting teams, comprising seven staff in the United States and London, have joined Allied World. This group will be managed by Todd Germano, executive vice president of Allied World.
Allied World’s trade credit platform will continue to offer short- and medium-term credit and political risk insurance targeting exporters, importers, financial institutions, contractors and investors worldwide with limits up to $25 million per obligator/guarantor, and for credit terms of up to five years.
“Our products are tailored to clients’ specific needs and our group’s underwriting expertise affords us the opportunity to be a stronger presence in this specialty segment of the market,” Germano commented. “We look forward to working with the former LAU team to ensure the continuity of services and coverage to our client and trading partners.”
Source: Allied World Assurance Company Holdings AG
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