Alleghany Corp. reports that the previously announced merger of its subsidiary Darwin Professional Underwriters, Inc. with Allied World Assurance Co. Holdings, Ltd. has been completed.
Under the terms of the transaction, Allied World acquired all of the issued and outstanding shares of Darwin common stock for cash consideration of $32.00 per share. The transaction resulted in aggregate proceeds to Alleghany of approximately $300 million in cash for its 9,371,096 shares of Darwin common stock, which represented approximately 55 percent of the issued and outstanding shares of Darwin common stock.
Alleghany, through its subsidiary Alleghany Insurance Holdings LLC (consisting of its insurance operating units RSUI Group, Inc., Capitol Transamerica Corp., and Employers Direct Corp.) writes property and casualty insurance.
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