To provide protection for banks against litigation exposures

Allied World Assurance Company, a member company of Allied World Assurance Company Holdings, has launched Bankers’ Wrap, a new product for Asian banks.

The product follows the recent introduction of the Reflex, Flexcess and Flexion products. The product provides protection for Banks at a time when they are facing significant litigation exposures and an uncertain operational risk outlook.

Benjamin Howell, vice president of Professional Lines of Allied World, said: Many market participants are restricting coverage for banks at a time when their clients need them most. Conversely, Allied World has stepped up with an innovative excess solution through which banks can achieve a range of structures, with unique benefits, across their Professional Lines insurance placements. Bankers’ Wrap is Allied World Hong Kong’s recognition that bank operational risk management is a sophisticated area which requires a customised approach to catastrophic events.

The product is available through specialist broker channels .

Allied World Assurance is a provider of property, casualty and specialty insurance and reinsurance solutions.