Bermuda-based Allied World Assurance Company Holdings Ltd. yesterday announced that its Bermuda and London operations, together with Latin American Underwriters (LAU), will begin underwriting trade credit and political risk insurance, effective immediately.

In a statement yesterday, the company said the primary focus of the venture was 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.

The announcement comes the week before Bermuda hosts the ALARYS Conference, the Latin American equivalent of RIMS, at the Fairmont Southampton hotel.

Frank D'Orazio, president, Bermuda and International Insurance, said: "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."