Allied World Assurance has completed the previously announced redomestication of its group holding company from Bermuda to Switzerland.
According to Allied World Assurance, the new Swiss holding company will remain subject to the US securities and exchange commission reporting requirements, the applicable corporate governance rules of the New York Stock Exchange (NYSE) and will continue to report its consolidated financial results in US dollars and under US generally accepted accounting principles.
Shareholders will continue to receive dividends in US dollars, and the company’s common shares will continue to trade on the NYSE under the ticker symbol ‘AWH’.
Allied World’s shareholders approved the proposed scheme of arrangement on 18 November 2010, related to the company’s redomestication to Switzerland.
The redomestication became official following the filing of the Supreme Court of Bermuda’s approval of the scheme of arrangement with the Bermuda registrar of companies.
Allied World president and CEO Scott Carmilani said that the company is excited about its redomestication to Switzerland.
We have grown from a Bermuda based start-up in 2001 to a global organization with over 700 employees located in eight different countries.
“We see this redomestication as a strategic step in our company’s progression as we move forward with the goal of enhancing our presence around the world, Carmilani said.