Allied World Assurance Company Holdings has completed the acquisition of Hong Kong and Singapore operations of Royal & Sun Alliance Insurance (RSA) for around $193m.
The deal was first announced in August 2014.
The acquired operations have been included in Allied World’s global markets insurance segment and report to Julian James.
As part of the deal, Allied World has acquired the in-force portfolio and related assets and liabilities of both operations.
Allied World Assurance Company Holdings president and CEO Scott Carmilani said: "The acquisitions of the Hong Kong and Singapore operations of RSA complement and deepen Allied World’s presence in key Asian markets.
"The businesses offer expansive product offerings and distribution, and bring experienced management teams with deep-rooted relationships in the region."
The acquired business will support Allied World’s regional insurance business, which offers specialty, commercial and personal lines of coverage.
RSA’s business comprises niche group of specialty lines, including casualty, construction and engineering, marine and property. Goldman Sachs acted as sole financial advisor to RSA Group.
The company has been operating in the region for more than 40 years in Hong Kong and over 180 years in Singapore. The businesses reported total gross premiums written of around $250m in 2013.
Allied World, through its subsidiaries, provides property, casualty and specialty insurance and reinsurance solutions.
Image: Allied World has acquired Hong Kong and Singapore operations of Royal & Sun Alliance Insurance. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.