S&P: Allied World on watch

Standard & Poor's said it placed its BBB counterparty credit rating on Allied World Assurance Co. Holdings Ltd. on CreditWatch with negative implications.

At the same time, S&P said it placed its A- counterparty credit and financial strength ratings on Allied World's operating subsidiaries on CreditWatch with negative implications.

The CreditWatch placement follows Allied World's recent announcement of its intention to acquire Darwin Professional Underwriters Inc. in a transaction valued at $550 million, the agency said.

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