Validus Holdings, the Bermuda-based re/insurer, has completed its acquisition of US specialty lines insurer Western World.
Western World’s owners received $690 million in cash in exchange for 100 percent of the outstanding stock of Western World. It will continue to operate as a standalone business led by current management.
Ed Noonan, Validus’ chairman and chief executive officer (CEO), said: “The acquisition of Western World is another important step in building our global specialty insurance business. Western World is an excellent company which complements our market leading short-tail operations in Bermuda and London, and holds tremendous potential for expansion of products and capabilities in the world’s largest insurance market.