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Validus Holdings Ltd. said Monday that it is buying Western World Insurance Group Inc. for $690 million.
Franklin Lakes, New Jersey-based Western World is a specialty lines insurer, which will operate as a stand-alone business within Validus and led by its current management team, Validus said in a statement.
Pembroke, Bermuda-based Validus said it intends to use existing funds for the cash deal that it expects to close during the third quarter, subject to regulatory approvals, the company said in the statement.
“Bringing together Validus, a leader in the short-tail insurance and reinsurance market, and Western World, with its excellent U.S. distribution platform, outstanding management and industry-leading technology, creates a franchise that will provide compelling products and services for our customers,” Validus Chairman and CEO Ed Noonan said in the statement.
“Validus brings capital and expertise in short-tail classes of business which will advance the competitive advantages in all of our underwriting divisions,” Western World CEO Tom Mulligan said in the statement.