Fairfax closes $4.9 bln acquisition of insurer Allied World

Fairfax Financial Holdings Ltd has closed its acquisition of Allied World Assurance Co Holdings AG, a Swiss provider of property, casualty and specialty insurance and reinsurance solutions. The deal, announced late last year, is valued at US$4.9 billion. As a result, Allied World said it would delist its shares from the New York Stock Exchange. Fairfax, a Toronto-based financial holding company, partnered in the acquisition with the Ontario Municipal Employees Retirement System (OMERS), which agreed to invest US$1 billion, and Alberta Investment Management Corp (AIMCo), which agreed to invest US$500 million.

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