Allied World Completes Redomestication
Allied World Assurance Company Holdings announced today (Dec 1) that it has completed the previously announced redomestication of its group holding company from Bermuda to Switzerland.
The new Swiss holding company will remain subject to the U.S. Securities and Exchange Commission reporting requirements, the applicable corporate governance rules of the New York Stock Exchange (NYSE) and will continue to report its consolidated financial results in U.S. dollars and under U.S. generally accepted accounting principles. Shareholders will continue to receive dividends in U.S. dollars, and the company’s common shares will continue to trade on the NYSE under the ticker symbol “AWH.”
On November 18, 2010, Allied World’s shareholders approved the proposed scheme of arrangement related to the company’s redomestication to Switzerland. The redomestication became official following the filing of the Supreme Court of Bermuda’s approval of the scheme of arrangement with the Bermuda Registrar of Companies.
Scott Carmilani, Allied World’s President and Chief Executive Officer, said “We are very excited about our redomestication to Switzerland. We have grown from a Bermuda based start-up in 2001 to a global organization with over 700 employees located in eight different countries. We see this redomestication as a strategic step in our company’s progression as we move forward with the goal of enhancing our presence around the world.”
What ever happened to Bermuda’s ability to attract and retain international business? Have we now gone backwards to a place where we’re just another nice place for start ups?