Allied World Assurance Company has completed the acquisition of Latin American Underwriters Holdings (LAU), a program administrator that has underwritten trade credit insurance and political risk coverages for Allied World since 2010.

With the completion of the deal, Allied World has commenced its in-house trade credit and political risk insurance platform. LAU wrote $28.5m of gross premiums in 2013.

As part of the agreement, Allied World also acquired LAU’s underwriting teams in the US and London, and will be managed by Allied World executive vice president Todd Germano.

Germano said: "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."

Allied World noted that it will continue to provide short and medium-term credit and political risk insurance for exporters, importers, financial institutions, contractors and investors across the globe.

Allied World, through its subsidiaries, provides property, casualty and specialty insurance and reinsurance solutions.