Allied World Assurance (AWA) announced on Monday that it agreed to acquire New York-based Transatlantic Holdings for $3.2 billion in stock.
The deal would create one of the world’s largest providers of specialty insurance and reinsurance, according to The New York Times. Auto, home, and life insurance are the three most common types of specialty insurance. Reinsurers help insurance companies reduce the amount of risk on their books by purchasing liability for certain policy portfolios.
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