Ace completes Rain and Hail acquisition
Ace Ltd has completed its acquisition of Rain and Hail Insurance Service Inc for approximately $1.1 billion in cash, the Swiss-based company announced yesterday.
The purchase price reflects a dollar-for-dollar adjustment as required under the merger agreement to account for an increase to Rain and Hail's book value that occurred between December 31, 2009, and the closing of the transaction.
Ace, which is based in Zurich and has substantial operations in Bermuda, first announced in September this year that it had agreed to acquire the US insurer.
“We are pleased to now officially welcome this fine organisation to Ace,” said Evan Greenberg, chairman and CEO of Ace Ltd. “We look forward to the benefits that the combination of our two organisations will bring both in the near and longer term.”