Posted on 04 Feb 2011
Allied World Assurance Company Holdings, AG on Thursday reported that its subsidiary Allied World Assurance Company Holdings, Ltd has repurchased a warrant owned by American International Group, Inc. (AIG), which entitled AIG to purchase a total of 2,000,000 Allied World common shares for $34.20 per share.
AIG has no remaining warrants to purchase Allied World shares. he aggregate purchase price for the warrant was $53,620,000, and the transaction was funded using available cash on hand. This repurchase has been executed separately from the company's share repurchase program.
AIG was one of Allied World's founding shareholders when the company was established in 2001 along with Goldman Sachs, Swiss Re and The Chubb Corporation. None of the founding shareholders has any warrants remaining or any other disclosed equity interests in the company.
About Allied World Assurance Company
Allied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of branches and affiliates. Our insurance and reinsurance subsidiaries are rated A (Excellent) by A.M. Best Company, and our Lloyd's Syndicate 2232 is rated A+ (Strong) by Standard & Poor's and Fitch.