Posted on 13 Jun 2011
Allied World Assurance Co. Holdings, based in Zug, Switzerland, agreed to acquire Transatlantic Holdings Inc. for about $3.19 billion of stock. New York-based Transatlantic Holdings Inc., was previously owned by American International Group Inc.
Transatlantic shareholders will own 58 percent of the combined company, to be called TransAllied Group Holdings AG,
"The transaction delivers strategic and financial benefits, including primary insurance operations, a Lloyd's presence and a bigger capital base outside the U.S.," Robert Orlich, chief executive officer of New York-based Transatlantic, said in the statement.