Allied World to Acquire Latin American Underwriters
Allied World Assurance Company Holdings, AG announced today that its U.S. holding subsidiary has reached a definitive agreement to acquire Latin American Holdings Ltd. (“LAU”), a program administrator that has underwritten trade credit and political risk coverages solely for Allied World since 2010. The acquisition will allow Allied World to bring in-house LAU’s significant trade credit underwriting and market expertise. LAU wrote $28.5 million of gross premiums in 2013.
Under the terms of the transaction, Allied World will also acquire LAU’s underwriting teams in the United States and London. Allied World will continue to offer worldwide coverage for short and medium-term credit and political risk insureds targeting exporters, importers, financial institutions, contractors and investors worldwide. The transaction is subject to regulatory approval by the U.K. Financial Conduct Authority.
Frank D’Orazio, President, Bermuda and International Insurance, commented “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.”
About Allied World Assurance Company
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World’s rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor’s, and A2 by Moody’s, and our Lloyd’s Syndicate 2232 is rated A+ by Standard & Poor’s and AA- by Fitch.
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 adequacy of our loss reserves; negative rating agency actions; greater frequency or severity of unpredictable catastrophic events; the impact of acts of terrorism and acts of war; 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.
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