EmailTransatlantic Holdings (TRH $49.07 +5.06) and Allied World
Assurance (AWH $56.50 -1.57) announce the signing of a definitive merger
agreement that will create a leading, global specialty insurance and reinsurance
company.
The combined entity will have total invested assets of $21 billion, total
shareholders' equity of nearly $7 bln, and total capital of $8.5 bln. The
combined co will operate under a holding company structure with the corporate
name TransAllied Group Holdings, AG, offering specialty insurance and
reinsurance products and services via two distinct brands - Transatlantic
Reinsurance and Allied World Insurance.
The transaction is structured as a merger of equals, with shareholders of
Transatlantic receiving 0.88 Allied World common shares for each Transatlantic
common share held. Following the merger, Transatlantic shareholders will own
~58% of the combined company on a fully diluted basis, with Allied World
shareholders owning approx 42%.
than one year.
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