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The Associated Press August 8, 2010, 6:56PM ET

Allied repurchases $250M shares from Goldman Sachs

Allied World Assurance Company Holdings Ltd. has repurchased $250 million of its common shares from affiliates of The Goldman Sachs Group Inc. and founding shareholders of Allied World.

The insurance and reinsurance provider, which is based in Pembroke, Bermuda, made the announcement about its repurchase from GS Capital Partners and other investment funds late Sunday.

The company said it has repurchased five million common shares at $50 per share, a discount of less than 1 percent to the company's closing stock price Friday of $50.23.

The repurchase equals about 9.4 percent of diluted common shares outstanding at the end of June.

The affiliates of Goldman Sachs, following the repurchase, now hold about 3.2 million nonvoting shares of Allied World, or about 7.2 percent of total common shares issued and outstanding.

Allied said the repurchase was undertaken separately from its $500 million share repurchase program, which was authorized by the board of directors in May.

The company said the transaction was paid for with cash on hand.

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