ACE buys Combined Insurance Co of America from Aon for 2.4 bln usd |
|
|
|
Published
:
Mon, 17 Dec 2007 08:18
|
LONDON (Thomson Financial) - ACE Ltd has bought the Combined Insurance Company of America from US insurance broker Aon Corporation for 2.4 bln usd in cash.The insurer and reinsurer said it expects the deal, to be financed by a combination of cash and a 'modest' amount of new debt, to be completed by the second quarter of 2008.'The addition of Combined to the ACE Group of Companies is financially attractive to our shareholders and will produce results that are accretive to our earnings, return on equity and book value per share,' said ACE chairman and chief executive Evan Greenberg in a statement. 'Moreover, we project a very attractive return on equity deployed.'Combined Insurance Co of America, an underwriter and distributor of accident and health insurance products, has more than more 4 mln policyholders worldwide, ACE said.tf.TFN-Europe_newsdesk@thomson.comjlw/af/ms1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
Print this Story
Valley Forge Life Insurance's IFSR affirmed at 'Aa2' following merger - Moody's 