IFLR1000

Fairfax Financial Holdings $4.9 billion acquisition of Allied World Assurance

6/7/2017
Private acquisition
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$ 4.9 billion

Completed

6/7/2017

Overview:

  • Fairfax Financial has acquired Allied World Assurance in a $4.9 billion deal.
  • Allied World is a Switzerland-based property and casualty insurance company.
  • Fairfax is a Toronto based insurance group.
  • The deal also included the $1 billion acquisition of 21% of Allied World by Canadian pension fund OMERS.
  • Alberta Investment Management Corporation has invested $500 million together with Fairfax Financial and other co-investors in the acquiring entity.
  • Allied World will be delisted from the NYSE. 
  • Fairfax also holds stakes in Zenith National, OdysseyRe, Northbridge, Brit and Crum & Forster.
  • The group has also recently acquired various country operations from the likes of Zurich and AIG and in February 2017 acquired New Zealand insurer Tower.
  • Bank of America Merrill Lynch served as exclusive financial adviser for Allied World.

Katrin Kostadinova - Data analyst 

Jurisdictions:

Canada
United States
Switzerland

Deal type:

Private acquisition

Practice area:

M&A

Governing law:

Canada

Industry sector:

Insurance

Firms:
Baker McKenzie

Party: Allied World Assurance (Target)

Lawyers: Greg McNab, Martin Frey

Cleary Gottlieb Steen & Hamilton

Party: BofA Merrill Lynch (Financial adviser)

Lawyer: Paul Shim

Homburger

Party: Fairfax Financial Holdings (Acquirer)

Lawyers: Daniel Daeniker, Dieter Gericke

Shearman & Sterling

Party: Fairfax Financial Holdings (Acquirer)

Lawyers: George Karafotias, Jason Lehner, Scott Petepiece

Skadden Arps Slate Meagher & Flom

Party: OMERS (Acquirer)

Stikeman Elliott

Party: Alberta Investment Management Corporation (Investor)

Lawyers: Leland Corbett, Vince Imerti

Torys

Party: Fairfax Financial Holdings (Acquirer)

Lawyer: David Chaikof

Walder Wyss

Party: Allied World Assurance (Target)

Lawyers: Alex Nikitine, Markus Pfenninger

Willkie Farr & Gallagher

Party: Allied World Assurance (Target)

Lawyers: Sean Ewen, Steven Seidman

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