Allied World Completes the Acquisitions of the Hong Kong and Singapore Operations of RSA
March 31, 2015 at 21:59 PM EDT
April 1, 2015 – Allied World Assurance Company Holdings, AG (NYSE:AWH) today announced that it has completed the acquisitions of the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc (“RSA”). The closings follow receipt of all necessary regulatory and court approvals. The acquisitions, announced in August 2014 and valued at approximately $193 million at current exchange rates, are expected to be accretive to earnings immediately. The businesses are now part of Allied World’s Global Markets Insurance segment, reporting to Julian James.
“The acquisitions of the Hong Kong and Singapore operations of RSA complement and deepen Allied World’s presence in key Asian markets. The businesses offer expansive product offerings and distribution, and bring experienced management teams with deep-rooted relationships in the region,” said Scott Carmilani, President and Chief Executive Officer. “The completion of these acquisitions is a key strategic initiative for the build out of our Global Markets platform.”
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 purchase price for the acquisitions with cash on hand.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and AA- by Fitch.
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