ALLIED WORLD TO BUY RSA’S HONG KONG AND SINGAPORE BUSINESS

Allied World Assurance has agreed to acquire RSA Insurance Group’s operations in Hong Kong and Singapore for £130m ($215.5m) in cash in a move that expands Allied World’s presence in the Asian market. The businesses to be acquired had 2013 gross written premiums of around $250m from casualty, construction and engineering, marine and property lines. Senior management at RSA Singapore and RSA Hong Kong are expected to remain in place. On top of the purchase, Allied World expects to boost capital for the two operations by $90m.