Allied world assurance Acquires Latin American Holdings

Allied global assurance corporation Holdings AG introduced that its U.S. retaining subsidiary has reached a definitive agreement to acquire Latin American Holdings Ltd., a program administrator that has underwritten change credit score and political threat coverages solely for Allied world considering 2010.

the purchase will allow Allied world to herald-house LAU’s trade credit score underwriting and marketplace know-how. LAU wrote $28.five million of gross rates in 2013.

beneath the terms of the transaction, Allied global will even gather LAU’s underwriting groups inside the usa and London. Allied world will continue to provide international coverage for brief and medium-time period credit and political danger insureds focused on exporters, importers, economic establishments, contractors and investors worldwide. The transaction is concern to regulatory approval through the U.ok. economic conduct Authority.

Frank D’Orazio, president, Bermuda and international insurance, commented: “The team at LAU has substantial understanding underwriting the dangers related to trade credit score and political danger. Bringing them in-house is a part of our strategic commitment to building a stronger presence in this distinctiveness phase of the marketplace as we retain to construct our international franchise. We anticipate very little trade for our clients at some stage in this period of transition and look ahead to working with the LAU team to similarly build-out this line of business.”