Allied World Announces Repurchase of Founding Shareholder’s Warrant from The Chubb Corporation

Allied World Assurance Company Holdings, Ltd (NYSE:AWH) reported that the company has repurchased a warrant owned by The Chubb Corporation, which entitled Chubb to purchase a total of 2,000,000 Allied World common shares for $34.20 per share. Chubb has no remaining warrants to purchase Allied World shares. The aggregate purchase price for the warrant was $32,819,000, and the transaction was funded using available cash on hand. This repurchase has been executed separately from the company's $500 million share repurchase program that was authorized by its Board of Directors in May 2010.

Chubb was one of Allied World's founding shareholders when the company was established in 2001 along with Goldman Sachs, Swiss Re and AIG.