Allied World Announces In-House Trade Credit Insurance Platform; Completes Acquisition of Latin American Underwriters Holdings Ltd.
January 08, 2015 at 10:42 AM EST
Allied World Assurance Company Holdings, AG announced today 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”). 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.
Mr. Germano commented, “Allied World’s trade credit and political risk coverage is essential for companies conducting business globally. 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. We look forward to working with the former LAU team to ensure the continuity of services and coverage to our client and trading partners. We will continue to develop and grow this line of business, and provide the service and expertise that our clients have come to expect from Allied World.”
For more information on our trade credit and political risk coverage, please visit our website at: http://www.alliedworldinsurance.com/product/11-98-167/trade_credit_-and-_political_risk or contact Todd Germano at Todd.Germano@awac.com, Nick Hedley at firstname.lastname@example.org, or Bob Svensk, who is serving as consultant to Allied World for this line of business, at email@example.com.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and AA – by Fitch.
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