NU Online News Service, Sept. 16, 8:16 a.m. EST
The attempted marriage of Transatlantic Holdings and Allied World Assurance Co. Holdings has ended with what each are calling a mutual settlement.
The agreement to terminate the companies' merger plans, originally valued at about $3.2 billion, comes at a cost for Transatlantic. The New York-based reinsurer says it will uphold the terms of the merger agreement and pay Allied World a $35 million termination fee in addition to $13.3 million in merger-related expenses to Allied World.
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