Allied World said that the product provides a new level of protection for banks at a time when they are facing significant litigation exposures and an uncertain operational risk outlook.

Benjamin Howell, vice president of professional lines business, said: "Many market participants are restricting coverage for banks at a time when their clients need them most. Conversely, Allied World has stepped up with an innovative excess solution through which banks can achieve a range of structures, with unique benefits, across their professional lines insurance placements. Bankers' Wrap is Allied World Hong Kong's recognition that bank operational risk management is a sophisticated area which requires a customized approach to catastrophic events."

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