July 12, 2006
Allied World Assurance Company Holdings, Ltd announces the pricing of its initial public offering of 8,800,000 common shares at $34.00 per share, with a total value of about $300 million.
On July 11, Willkie client Allied World Assurance Company Holdings, Ltd announced the pricing of its initial public offering of 8,800,000 common shares at $34.00 per share, with a total value of about $300 million. The shares began trading on July 12 on the New York Stock Exchange. The net proceeds from the offering will be used to repay a portion of the Company's bank loan and for general corporate purposes. Allied, founded in 2001, is one of Bermuda's leading property and casualty insurers. Through its operating subsidiaries, Allied offers property and casualty insurance and reinsurance on a worldwide basis. Goldman, Sachs & Co. served as the book-running manager for this offering and the representative of the underwriters. The firm advised Allied on the IPO and on its recent $500 million debt offering. The IPO was handled by partners Steven Seidman, Cristopher Greer and Kelly Hnatt, and associates Matthew Lux, Sean Ewen, Marshal Bozzo, David Posner and Faith Shippen.
