Validus To Buy Western World Insurance For $690 Mln

(RTTNews) - Validus Holdings, Ltd. (VR) said Monday that it has agreed to buy Western World Insurance Group, Inc. for $690.0 million in cash.

Based in Franklin Lakes, New Jersey, Western World is a specialty lines insurance company and a pioneer in the binding authority business model.

Validus plans to have Western World operate as a standalone business within Validus led by its current management team and preserving Western World's name, strong brand equity and market reputation.

Validus plans to use existing funds for the deal, which is expected to close on or about the end of the third quarter of 2014.