ACE Completes Acquisition of Rain and Hail Insurance Service

ACE Limited announced from its headquarters in Zurich that it has completed its acquisition of Rain and Hail Insurance Service, Inc. for approximately $1.1 billion in cash.

ACE said 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.”

Evan G. Greenberg, Chairman and CEO, commented: “We are pleased to now officially welcome this fine organization to ACE. We look forward to the benefits that the combination of our two organizations will bring both in the near and longer term.”

Source: ACE Group