AG Commences In-House Trade Credit And Political Risk Inusrance Platform

KUALA LUMPUR, Jan 9 (Bernama) -- Allied World Assurance Company Holdings (AG) has commenced its in-house trade credit and political risk insurance platform with the completion of its previously-announced acquisition of former program administrator, Latin American Underwriters Holdings Ltd. (LAU).

LAU has underwritten trade credit insurance and political risk coverage solely for AG since 2010 and underwrote $28.5 million (RM101.1 million) of gross premiums in 2013, said AG in a statement issued today in ZUG, Switzerland.

As part of the acquisition, LAU's underwriting teams comprising of seven staff in the United States and London have joined AG. Todd Germano, Executive Vice President of AG, will manage this particular group.

AG's trade credit platform will continue to offer short and medium-term credit and political risk insurance targeting exporters, importers, financial institutions, contractors and investors worldwide with limits up to $25 million (RM88.75 million) per obligator/guarantor and for credit terms up to five years.

"AG 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 a stronger presence in this specialty segment of the market.

We look forward to working with the former LAU team to ensure the continuity of services and coverage to our clients and trading partners. We will continue to develop and grow this line of business, and provide the service and expertise that our clients have come to expect from AG," explained Todd Germano, Executive Vice President of AG in the same statement.

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