(Re)insurer plans to shift domicile by end of this year
Allied World Assurance Company Holdings (AWAC) is planning to redomesticate its place of corporation to Switzerland from Bermuda. Shareholders will be asked to vote on the move at a special meeting later this year, and the firm expects the move to be complete by the end of 2010.
AWAC has formed a new Swiss company, Allied World Assurance Company Holdings, AG, that will replace Allied World Assurance Company Holdings, Ltd as the ultimate holding company of the group. Under the proposed redomestication, all outstanding common shares of Allied World that existed before the transaction is completed will be cancelled, and the holders will receive registered securities of Allied World Switzerland on a one-for-one basis.
Assuming completion of the redomestication, Allied World Switzerland's shares are expected to continue to trade on the New York Stock Exchange under the ticker symbol "AWH".
Following the redomestication, the holding company's Bermuda insurance and reinsurance subsidiary will continue to operate and service business in Bermuda where the company was formed in 2001.
AWAC is the latest Bermuda-based reinsurer to make the shift to Switzerland from Bermuda. Lloyd’s (re)insurers Amlin and Catlin both announced similar moves earlier this year.