Bermuda-based Allied World Assurance Company Holdings, Ltd. announced that its U.S. holding company has entered into an agreement to purchase Converium Insurance (North America), Inc., a New Jersey domiciled company.
Financial details of the purchase were not disclosed. Subject to obtaining regulatory approvals, the transaction is expected to close in the first quarter of 2008.
AWAC said that “following the closing, it is anticipated that the company will be renamed Allied World Reinsurance Company. The company is currently licensed to write insurance and reinsurance in 49 states and the District of Columbia.”
President and CEO Scott Carmilani, commented, “This acquisition is another important step for us in the build out of Allied World’s U.S. reinsurance platform. This will strengthen our ability to service our reinsurance clients in the U.S.”
AWAC is essentially buying a shell company. Converium had already sold its North American operations to National Indemnity over a year ago (See IJ web site – https://www.insurancejournal.com/news/international/2006/10/18/73379.htm). Following that transaction, Converium eventually agreed to be acquired by France’s SCOR Group (See IJ web site – https://www.insurancejournal.com/news/international/2007/05/10/79589.htm). At the time of the acquisition, SCOR did indicate that the remaining U.S. operations would not be acquired.
Source: Allied World Assurance – www.awac.com.
Topics Mergers & Acquisitions USA Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
UnitedHealth Says Hackers Possibly Stole Large Number of Americans’ Data 
Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022 
Former Congressman Charged After Collision with State Trooper in Florida 
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
