Bermuda-based Allied World Assurance Company Holdings, Ltd saidtoday that its U.S. unit has entered into an agreement to purchaseConverium Insurance (North America) Inc., based in Fort Lee,N.J.

Financial terms of the transaction, which is expected to closein the first quarter of 2008, were not disclosed. Following theclosing, it is anticipated the company will be renamed Allied WorldReinsurance Company.

Allied World told National Underwriter that Converium InsuranceNA Inc. is currently owned by Converium Reinsurance (North America)Inc., whose ultimate parent is Berkshire Hathaway Inc. The companyhas been in runoff since 2004 and cedes virtually all of itsbusiness to Converium Reinsurance (North America) Inc.

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