Reinsurance News

Fairfax completes Allied World acquisition

6th July 2017 - Author: Luke Gallin

Fairfax Financial Holdings has announced the successful completion of the acquisition of Allied World Assurance Company Holdings and closing of the exchange offer for all Allied World issued and outstanding ordinary shares, by Fairfax Financial Holdings (Switzerland) GmbH.

mergers and acquisitions reinsuranceAccording to a recent announcement the parent company intends that Fairfax Switzerland, its indirect subsidiary, to “effect a squeeze-out merger under Swiss law pursuant to the terms of the Merger Agreement.”

This would see Allied World merge with Fairfax Switzerland, with the latter being the surviving entity of the merger, and subsequently renamed as Allied World Assurance Company Holdings, GmbH.

Allied World also announced that it plans to voluntarily delist the shares from the New York Stock Exchange, and also plans to subsequently deregister the shares under the Securities Exchange Act of 1934. The firm will also suspend any reporting obligations under the Exchange Act, once able to do so.

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