Swiss insurer Allied World Assurance Co. Holdings AG, with Farmington operations, has set a Sept. 20 special shareholding meeting date to vote on its pending $3.2 billion takeover offer for U.S. insurer Transatlantic Holdings.
The merged company would be called TransAllied Group Holdings AG, based in Zug, Switzerland, with $8.5 billion in capital and $21 billion in invested assets, proxy papers show.
Since airing its all-stock offer in June, two competing buyout proposals from two rival insurers have emerged – a $3.2 billion cash-and-stock offer from Validus Holdings Ltd. and another from Warren Buffett’s National Indemnity Co.
Transatlantic has since rejected Buffett’s $3.25 billion offer as inadequate.
In a letter Monday to stockholders, Allied World CEO Scott Carmilani said the deal also has Hart-Scott-Rodino antitrust approval and is making its way through various regulatory approvals.
“Your Board of Directors is firmly behind the TransAllied merger and the long-term benefits it will provide to shareholders of both companies,” Carmilani wrote.
