Allied World Assurance Company's Bermuda and London operations, together with Latin American Underwriters (LAU), will commence underwriting trade credit and political risk insurance effective immediately.
Allied World will initially focus on offering short and medium-term credit insurance for clients that export to and from Latin America and the Caribbean, as well as to provide political risk insurance for exposures in the same regions.
LAU will target clients with Latin American or Caribbean import and/ or export exposures and investors, contractors and financial institutions with exposures in the region.
Allied World Assurance Bermuda & International Insurance president Frank D’Orazio said that as a result of improved underwriting conditions and the expected growth in the GDP and trade in Latin America, the company sees a tremendous niche opportunity within the trade credit and political risk market.
“We partnered with Latin American Underwriters because of their extensive expertise in the marketplace and their existing relationships in the region,” D’Orazio said.
LAU president Robert Svensk said that the partnership with Allied World allows LAU to provide clients and brokers with skilled and experienced underwriting responses, meaningful capacity and financial security from a leading and trusted global carrier.