Fairfax Financial to Acquire Allied World in $4.9 Billion Deal
Fairfax Financial announced that it will acquire Allied World in a cash and stock deal valued at $4.9 billion. The consideration will be primarily in stock, although Fairfax has the option to shift the consideration to a little more than half the value being paid in cash, if it chooses to do so. This is a major move for Fairfax and one we view mostly positively. Allied operates primarily in North American primary lines, although a little more than 20% of its business is reinsurance. We like that...Fairfax Financial Holdings is a financial services holding company. Through its subsidiaries, Co. is engaged in property and casualty insurance and reinsurance and investment management. Co.'s insurance and reinsurance companies operate on a decentralized basis, with autonomous management teams applying a focused underwriting strategy to their markets. Co.'s investments are centrally managed for all the Co.'s group of companies by Hamblin Watsa Investment Counsel Ltd. Co. operates four main operating segments: Insurance, Reinsurance, Reinsurance and Insurance - Other, and Runoff.
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