New York-based ACE Ltd. completed its acquisition of Rain and Hail Insurance Service Inc. for approximately $1.1 billion in cash. Prior to the acquisition ACE had owned approximately 20% of the outstanding common stock of Rain and Hail. The purchase price reflects a dollar-for-dollar adjustment as required under the merger agreement to account for an increase to Rain and Hail’s book value that occurred between December 31, 2009, and the closing of the transaction.
“We are pleased to now officially welcome this fine organization to ACE,” says Evan Greenberg, chairman and CEO of ACE Limited. “We look forward to the benefits that the combination of our two organizations will bring both in the near and longer term.”
In earlier reports, ACE had announced that Rain and Hail will continue to operate as a separate and distinct franchise within the company’s ACE Westchester division and Insurance-North America operations.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access