Allied World Assurance Company Holdings, AG announced that it has completed the acquisitions of the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc (RSA), following the 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.
President and CEO Scott Carmilani said: “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. The completion of these acquisitions is a key strategic initiative for the build out of our Global Markets platform.”
The bulletin explained that 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.
Source: Allied World Assurance
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