ACE Limited announced from its headquarters in Zurich that it has completed its acquisition of Rain and Hail Insurance Service, Inc. for approximately $1.1 billion in cash.
ACE said 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.”
Evan G. Greenberg, Chairman and CEO, commented: “We are pleased to now officially welcome this fine organization to ACE. We look forward to the benefits that the combination of our two organizations will bring both in the near and longer term.”
Source: ACE Group
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Rational Market? How About ‘Dumb’ and ‘Bizarre’? 
NYC Begins 10 Days of Flying Taxis With Manhattan-JFK Flights 
California Insurance Commissioner Race Has Diverse Field Amid ‘Insurance Crisis’ 
