Allied World acquires Latin American Holdings

The US holding subsidiary of Allied World Assurance Company is set to acquire programme administrator Latin American Holdings (LAU).

LAU has underwritten trade credit and political risk coverages solely for Allied World since 2010. It wrote $28.5 million of gross premiums in 2013.

Allied World will also acquire LAU’s underwriting teams in the United States and London.

Frank D’Orazio, president, Bermuda and international insurance, said: “The team at LAU has significant expertise underwriting the risks associated with trade credit and political risk. Bringing them in-house is part of our strategic commitment to building a stronger presence in this specialty segment of the market as we continue to build our global franchise. We expect very little change for our clients during this period of transition and look forward to working with the LAU team to further build-out this line of business.”