ACE Limited announced that it has completed its acquisition of 100 percent of the outstanding shares of Combined Insurance Company of America and certain of its subsidiaries from Aon Corporation for $2.56 billion in cash (See IJ web site – http://www.insurancejournal.com/news/international/2007/12/17/85703.htm).
The closing price exceeded the $2.4 billion originally reported. ACE explained: “In accordance with the purchase agreement, the purchase price reflects on a dollar-for-dollar basis an increase to Combined’s net worth that occurred between the signing and the closing of the transaction.”
Chairman and CEO Evan G. Greenberg commented: “We are delighted to close this important transaction ahead of schedule. ACE and Combined teams have been working closely together, making plans to achieve both our efficiency and growth objectives. We have been building considerable momentum over the last three months so we can hit the ground running beginning today.”
Source: ACE Limited – www.acelimited.com
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