Allied World completes Asian acquisitions
Allied World Assurance Company Holdings has completed the acquisition of the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc (RSA).
The Swiss-based insurer, which was one of the Class of 2001 companies to launch in Bermuda in the wake of the 9/11 terrorist attacks, said the deal was worth about $193 million.
The company, which continues to have substantial underwriting operations on the Island, said the newly acquired businesses were now part of Allied World's Global Markets Insurance segment.
“The acquisitions of the Hong Kong and Singapore operations of RSA complement and deepen Allied World's presence in key Asian markets,” chief executive officer Scott Carmilani said.
“The businesses offer expansive product offerings and distribution, and bring experienced management teams with deep-rooted relationships in the region.
“The completion of these acquisitions is a key strategic initiative for the build out of our Global Markets platform.”
The deal was first announced in August last year and the closing follows receipt of all necessary regulatory and court approvals.
Under the terms of the transaction, Allied World has acquired the in-force portfolio and related assets and liabilities of the two branches, which support an established, regional insurance business that offers specialty, commercial and personal lines of coverage. Allied World funded the deal with cash on hand.