Allied World Assurance Co. Ltd. has agreed to acquire Darwin Professional Underwriters Inc.Darwin's president and chief executive officer Stephen J. Sills will retire upon the closing of the transaction. Jack Sennott, Darwin's chief financial officer, will become the chief operating officer of Darwin.
Under the terms of the agreement, security holders of Darwin will receive approximately $550 million in cash, or $32 per share, in exchange for 100 percent of their interests in Darwin Professional Underwriters Inc.
The boards of directors of both companies have approved the transaction, which is subject to customary closing conditions, including obtaining various regulatory approvals and the approval of Darwin's shareholders. The transaction is expected to be completed during the fourth quarter.
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