KUALA LUMPUR, April 6 (Bernama) -- Allied World Assurance Company
Holdings, AG has completed the acquisitions of the Hong Kong and
Singapore operations of Royal & Sun Alliance Insurance plc ("RSA').
The closings follow receipt of all necessary regulatory and court
approvals, said AG in a statement issued in ZUG, Switzerland.
The acquisitions, announced in August 2014 and valued at approximately
$193 million (RM706 million) at current exchange rates, are expected to
be accretive to earnings immediately.
"The acquisitions of the Hong Kong and Singapore operations of RSA
complement and deepen Allied World's presence in key Asian markets. The
completion of these acquisitions is a key strategic initiative for the
build out of our Global Markets platform," explained Scott Carmilani,
President and Chief Executive Officer at AG in the same statement.
Under the terms of the transaction, Allied World 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.
--BERNAMA
http://www.bernama.com/bernama/v8/newsindex.php?id=1123713
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