ACE Acquisition of Rain and Hail Insurance
The Board of ACE Limited announced today that it has completed its acquisition of Rain and Hail Insurance Service, Inc. for approximately $1.1 billion in cash. The purchase price reflects a dollar- for-dollar adjustment as required under the merger agreement to account for an increase to Rain and Hail’s book value that occurred between December 31, 2009, and the closing of the transaction.
“We are pleased to now officially welcome this fine organization to ACE,” said Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited. “We look forward to the benefits that the combination of our two organizations will bring both in the near and longer term.”
