Allied World Assurance acquires Darwin Professional Underwriters

By Lisa Kerner

Charlotte, N.C., Oct. 20 - Allied World Assurance Co. Holdings, Ltd. announced it has completed the acquisition of Darwin Professional Underwriters, Inc.

Darwin, a specialty insurer based in Farmington, Conn., will become part of Allied World's U.S. operations, an Allied World news release said.

Under the companies' merger agreement, Darwin shareholders will receive $32 per share in a deal valued at approximately $550 million, it was previously reported.

Darwin shareholders approved the merger Wednesday.

"The completion of the Darwin acquisition is an important strategic initiative for the company that increases our specialty casualty focus in the U.S., and significantly expands our access to the U.S. primary healthcare and E&O [errors and omissions] markets, which are target markets for Allied World," Allied World president and chief executive officer Scott Carmilani said in a company news release.

Allied World provides insurance and reinsurance solutions in Bermuda, the United States and Europe. The company is based in Pembroke, Bermuda.

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