Mayer Brown Advises Ace In $1.1B Rain & Hail Deal

Law360, New York (September 14, 2010, 3:39 PM EDT) -- Property and casualty insurer Ace Ltd. on Tuesday announced plans to buy up the rest of Rain and Hail Insurance Service Inc., the U.S.' second-largest crop insurer, for $1.1 billion, saying the move would have an immediate positive impact on its balance sheet.

Ace currently owns 20 percent of Rain and Hail, and the agreement calls for it to purchase the remaining 80 percent. The $1.1 billion purchase price is subject to adjustment to reflect the book value of Rain and Hail as of Dec. 31,...
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