Bermuda-based Validus Holdings, Ltd. announced that it has completed its acquisition of Western World Insurance Group, Inc.; which it noted “is a specialty lines insurance company with a 50 year track record of profitability and is a pioneer in the binding authority business model.
Validus’ Chairman and CEO Ed Noonan commented: “The acquisition of Western World is another important step in building our global specialty insurance business. Western World is an excellent company which complements our market leading short-tail operations in Bermuda and London, and holds tremendous potential for expansion of products and capabilities in the world’s largest insurance market. Our teams are working to ensure a seamless integration which maximizes our collective market opportunities. As a leading global insurance and reinsurance company, we are delighted to be expanding our presence in the U.S. market.”
Western World’s CEO Tom Mulligan said that his team is “very proud of the franchise we have built and is excited about our future as a key contributor to Validus. We look forward to working with Validus to provide additional products and capacity to our agents and customers.”
The bulletin explained that “under the terms of the transaction, Western World’s owners received $690.0 million in cash in exchange for 100 percent of the outstanding stock of Western World. The purchase price was subject to adjustment based on pre-closing payments to shareholders, transaction expenses and the timing of closing. Validus funded the transaction with cash on hand. Western World will continue to operate as a standalone business led by current management.”
Source: Validus Holdings, Ltd.
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