Allied World Assurance Company Holdings Ltd. in Bermuda has agreed to buy U.S.-based Darwin Professional Underwriters Inc. 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., a Farmington, Conn.-based specialty insurer.
Scott Carmilani, chairman and chief executive officer of AWAC, said during a conference call that after the deal closes, the combined businesses will write $1.8 billion in total premium. In 2007, Allied World wrote $1.5 billion in gross premiums, and Darwin wrote $280 million.
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