Allied world warranty organization Holdings, AG introduced
that it has finished the acquisitions of the Hong Kong and Singapore operations
of Royal & solar Alliance coverage percent (RSA), following the receipt of
all important regulatory and court docket approvals.
The acquisitions, introduced in August 2014 and valued at
approximately $193 million at contemporary change prices, are expected to be
accretive to earnings right away. The groups are now part of Allied global’s
global Markets insurance section, reporting to Julian James.
President and CEO Scott Carmilani said: “The acquisitions of
the Hong Kong and Singapore operations of RSA complement and deepen Allied
global’s presence in key Asian markets. The agencies provide expansive product
services and distribution, and bring experienced management teams with
deep-rooted relationships within the area. The crowning glory of those
acquisitions is a key strategic initiative for the construct out of our
international Markets platform.”
The bulletin defined that under the terms of the
transaction, “Allied global has received the in-force portfolio and related
property and liabilities of the 2 branches, which assist a longtime, local
coverage business that gives specialty, commercial and private strains of
insurance. Allied international funded the purchase charge for the acquisitions
with coins handy.
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