ALLIED WORLD COMPLETES ACQUISITION OF RSA’S HONG KONG AND SINGAPORE BUSINESSES

Bermuda’s Allied World has completed a deal to buy the Hong Kong and Singapore businesses of RSA, the UK insurer which is divesting a number of its non-core international operations. The £130m deal was first announced last August and will see Allied World significantly broaden its Asian presence. The businesses to be acquired had 2013 gross written premiums of around $250m from casualty, construction and engineering, marine and property lines. Senior management at RSA Singapore and RSA Hong Kong are expected to remain in place. The businesses are now part of Allied World’s Global Markets Insurance segment, reporting to Julian James, president of the segment. The deal is one of a number of measures taken by the Bermudian firm to build out its global presence. This has also included the acquisition of Latin American Underwriters, a trade credit and political risk underwriter, which completed in January.