Allied World Assurance Company Holdings has agreed to buy Darwin Professional Underwriters Inc., a U.S. specialty insurer, for $550 million.
The Bermuda company wasn't the only one headquartered on the island to announce a deal to buy a specialty operation this month, with Ironshore setting its sights on London, proposing to buy Lloyd's Syndicate 4000 and Pembroke Managing Agency from Chaucer for about $34 million.
Terms of a definitive merger agreement in the bigger deal, by Allied World, call for security holders of Darwin to receive $32 per share in exchange for 100 percent of their interests in Darwin.
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