Swiss insurer Allied World
, fresh from opening a new Australian office in Sydney
, is to acquire the Hong Kong and Singapore operations of Royal & Sun Alliance (RSA) for US$215m.
said the transaction, which is subject to regulatory and court approvals in Singapore and Hong Kong, will complement its global specialist insurance strategy by providing additional scale in the region.
The business consists of a niche group of speciality lines, including casualty, construction and engineering, marine and property.
President and CEO Scott Carmilani said: “This is a truly unique opportunity to acquire leading specialty businesses in key Asian markets. This transaction will significantly deepen and broaden our presence in Asia.
“The business brings regional market leadership, complementary product offerings, extensive distribution and an experienced and talented management team to Allied World
, strengthening our global insurance franchise.”