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Validus Holdings Ltd. has completed its acquisition of Franklin Lakes, New Jersey-based specialty lines carrier Western World Insurance Group Inc., Validus said in a statement Thursday.
The $690 million all-cash purchase will give Pembroke, Bermuda-based parent Validus a strong foothold in the U.S., according to Validus Holdings CEO Ed Noonan.
Western World will continue to operate as a standalone business led by current management, said the statement.
“Western World gives us entry to the U.S. market to continue to build our global insurance business in the world’s largest market,” Mr. Noonan told Business Insurance by phone late Thursday.
“Validus brings tremendous first party and property capacity and experience to us,” Tom Mulligan, CEO of Western World, told Business Insurance.
The acquisition was announced in late June.
Pembroke, Bermuda-based Validus Holdings, Ltd. saw a steep decline in first quarter net income as earnings dropped 27.2% to $162.4 million, the company said.