Allied World Assurance Company Holdings, Ltd in Bermuda announced today that it has agreed to buy Darwin Professional Underwriters Inc., a U.S. specialty company, for $550 million.
Under the terms of a definitive merger agreement, security holders of Darwin will receive $32 per share, in exchange for 100 percent of their interests in Darwin Professional Underwriters Inc.
Scott Carmilani, chairman and chief executive officer of Allied World Assurance Corp., said during a conference call today that after the deal closes the combined businesses will write $1.8 billion. In 2007, Allied World wrote $1.5 billion in gross premiums, and Darwin wrote $280 million.
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