Fairfax buys Allied World
Canadian firm Fairfax Financial Holdings is to acquire Allied World in a deal worth $4.9 billion in cash and stock, an 18 per cent premium on the firm’s closing price Friday.
The Swiss-based P&C insurer Allied World has offices in the US which will expand Fairfax’s reach from its Canadian base, and provides a Latin American footprint.
"This is a tremendous opportunity for Allied World," said Scott Carmilani, President, CEO and Chairman of Allied World. "We are strategically aligning ourselves with Fairfax, one of the premier companies in the insurance industry which has a great track record of supporting their operating companies and creating value for shareholders. We are excited to be joining the Fairfax organization - we share their passion for underwriting excellence and their entrepreneurial approach to growing the business with a long-term orientation.”
The deal is subject to shareholder and regulatory approval and is expected to close in the second quarter of 2017.
US tech firm to expand insurance consultancy
American multinational Cognizant Technology Solutions is to acquire an Australian firm which has a focus on insurance consultancy.
Adaptra is currently working with the leading insurers in Australia and New Zealand to help them define business models and implement technology platforms.
"Increasingly, insurers around the world are looking to simplify critical processes relating to policies, claims and billing," said Jayajyoti Sengupta, Head of Asia Pacific, Cognizant. "Analysing these processes provides an opportunity to enable insights on customer experiences and operational efficiencies.
Aspen appoints group COO
The chief risk officer of Aspen Insurance Holdings has been appointed as the firm’s group chief operating officer. Richard Thornton will relinquish his current CRO role but will continue as group head of strategy, the role he joined the firm for in March 2014.
“In this new role, Richard will be responsible for leading our operational strategy across our business segments, platforms and our corporate functions,” commented Aspen’s group CEO Chris O’Kane.
“Richard will bring strategic vision, new ideas and strong momentum to ensure that our operational activities are developed further and are even more effectively aligned to support our underwriting teams globally,” he added.
