PEMBROKE, Bermuda, Oct. 6 /PRNewswire/ -- Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today announced that Allied World's Bermuda and London operations, together with Latin American Underwriters (LAU), will begin underwriting trade credit and political risk insurance effective immediately. The primary focus of the venture is to provide 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.
Frank D'Orazio, President, Bermuda & International Insurance, commented, "As a result of improved underwriting conditions and the expected growth in the GDP and trade in Latin America, Allied World 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. I am confident that together we will meet our clients' increased needs for these specialty products."
Robert E. Svensk, President, Latin American Underwriters, commented, "The partnership with Allied World allows LAU to provide our clients and brokers with skilled and experienced underwriting responses, meaningful capacity and financial security from a leading and trusted global carrier. We are delighted to have concluded this agreement with Allied World which will bring much needed new capacity to our market at a time of rising demand and heightened risk awareness. We look forward to supporting Allied World's mission to become one of the leading markets for this class of insurance."
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.
For more information about the products offered by this venture please contact: Latin American Underwriters at email@example.com.
About Allied World Assurance Company
Allied World Assurance Company Holdings, Ltd, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of branches and affiliates. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company, and our Lloyd's Syndicate 2232 is rated A+ (Strong) by Standard & Poor's and Fitch. Please visit our website at www.awac.com for further information on Allied World.
About Latin American Underwriters
LAU is a licensed insurance producer in Bermuda with offices in London, Ecuador and Connecticut. It was established in 2010 by Bob Svensk, Nick Hedley, Peter Swain, Victor Pocius and Tom Kane, who collectively have over 170 years of experience in insurance, banking, trade finance, and credit-and-collections. The depth and diversity of relevant experience represented by the LAU principals, coupled with LAU's clear focus on Latin America and the Caribbean, make it uniquely well qualified to become your partner of choice in the Export Credit and Political Risk market. You can visit LAU's website at www.lau-credit.com.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management's response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Allied World Assurance Company Holdings, Ltd