In a letter to all shareholders, Board Chairman, President and CEO of Allied World Scott Carmilani wrote, “Your Board of Directors unanimously supports the merger and believes the combination will deliver the best long-term value for shareholders of both companies. We urge you to vote for the proposals.”
The agreement drawn up between the two companies and announced June 12 outlined the potential global strategies of the prospective TransAllied Group Holdings AG as an insurance and reinsurance company. If the deal goes through, the alliance would boast $8.5 billion in capital and over $21 billion in invested assets. Also according to the letter, Hart-Scott-Rodino clearance for the merger has been received, regulatory processes and integration planning between the two companies is “well underway,” and Allied World’s Board “look[s] forward to closing the transaction as early as possible in the fourth quarter.”