Fairfax Financial to buy Allied World for $4.9 billionStaff Writer | December 19, 2016
Fairfax Financial Holdings of Toronto will buy Swiss insurer Allied World Assurance Company Holdings for $4.9 billion in cash and stock.
Acquisition $10 in cash and $44 in Fairfax stock
The merger would create a leader in property and casualty insurance, reinsurance and investments, the release said. Boards of directors of both companies approved the deal.
Allied World would operate "on a decentralized basis" within the Fairfax group, Prem Watsa, chief executive of Fairfax, said in the release.
Fairfax said it expected to close the deal in the second quarter of 2017. ■