Bermuda-based Allied World Assurance Company Holdings, Ltd said today that its U.S. unit has entered into an agreement to purchase Converium Insurance (North America) Inc., based in Fort Lee, N.J.
Financial terms of the transaction, which is expected to close in the first quarter of 2008, were not disclosed. Following the closing, it is anticipated the company will be renamed Allied World Reinsurance Company.
Allied World told National Underwriter that Converium Insurance NA Inc. is currently owned by Converium Reinsurance (North America) Inc., whose ultimate parent is Berkshire Hathaway Inc. The company has been in runoff since 2004 and cedes virtually all of its business to Converium Reinsurance (North America) Inc.
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