Bermuda-based Validus Holdings has completed the acquisition of US-based Western World Insurance Group, for $690m.
Western World is a specialty lines insurance company which carries out operations in the US through its subsidiaries.
Validus Holdings chairman and CEO Ed Noonan said the acquisition of Western World is another important step in building firm’s global specialty insurance business.
"Western World is an excellent company which complements our market leading short-tail operations in Bermuda and London, and holds tremendous potential for expansion of products and capabilities in the world’s largest insurance market," Noonan added.
Based in New Jersey, Western World has three operating companies in New Hampshire, and offers products on surplus lines and admitted basis.
Under the current management team, Western World will continue to operate as a standalone business.
Western World Insurance Group CEO Tom Mulligan said: "The Western World team is very proud of the franchise we have built and is excited about our future as a key contributor to Validus."
Validus provides reinsurance, insurance, and insurance linked securities management services through three primary segments, Validus Reinsurance, Talbot Holdings and AlphaCat Managers.
Image: Validus Holdings has completed the acquisition of Western World Insurance Group. Photo: courtesy of adamr/ FreeDigitalPhotos.net.