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NEW YORK - Insurer ACE Ltd. on Tuesday said it completed its $2.56 billion acquisition of Combined Insurance Co. of America and some of its subsidiaries from Aon Corp., a risk-management services provider.
The purchase price is higher than a previous estimate of $2.4 billion, reflecting an increase in Combined's net worth that occurred between the signing and closing of the deal, Ace said.
Combined Insurance underwrites specialty individual accident and supplemental health insurance.
The deal was expected to close in the second quarter, which began on Tuesday.
Aon said its proceeds from the sale are $2.7 billion, and it will record a gain of $1.3 billion in the second quarter.
Separately, Aon said it completed selling Sterling Life Insurance Cos. to Munich Re for $352 million.
Aon is pursuing a strategy to exit capital-intensive insurance underwriting businesses.
ACE shares rose $2.67, or 4.9 percent, to $57.73, while Aon shares added $1.32, or 3.3 percent, to $41.52.
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