Bermuda-based ACE Limited announced yesterday that it has completed its $2.56 billion cash deal to acquire Combined Insurance Company of America and certain subsidiaries from Aon Corp. brokerage.
As per the purchase agreement, the price reflects on a dollar-for-dollar basis an increase to Combined's net worth that occurred between the signing and the closing of the transaction. It was originally announced as $2.4 billion in December of last year.
Combined Insurance is an underwriter and distributor of specialty individual accident and supplemental health insurance. Chicago-based Aon, on the same day it announced the Combined deal with ACE, also said it was selling its Sterling Life Insurance Company for $352 million to Munich Re.
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