UPDATE 1-Southwest Airlines aims for business travelers

(Recasts to attribute to company; adds background)

NEW YORK, Nov 8 (Reuters) - Southwest Airlines Co (LUV.N) is now courting frequent business travelers by allowing them to pay a higher fare to board planes first, the company said on Thursday.

The "Business Select" class represents another change to Southwest's policy of not assigning seats.

In September, the low-cost airline said it would begin assigning customers a place in line to board planes. That change to the open seating policy was designed to cut the time passengers wait in line before the boarding process, which is often referred to as the "cattle call."

The Business Select class, which began on Thursday, targets business passengers who tend to book tickets later and pay more for them.

The company has been looking to lure these well-heeled flyers away from major rivals like UAL Corp's (UAUA.O) United Airlines and AMR Corp's (AMR.N) American Airlines.

Southwest also said it had begun a new policy of assuring preferential boarding to any passenger who flies 16 round trips in one year. (Reporting by Justin Grant in New York; Additional reporting by Kyle Peterson in Chicago; Editing by Lisa Von Ahn)