Forex trading store

NEW YORK, Aug 8 (Reuters) – Allied World Assurance Holdings Ltd reported it bought back $250 million worth of stock from funds affiliated to Goldman Sachs Group Inc that are its founding shareholders.

Allied World, which provides property, casualty and specialty insurance and reinsurance, bought back 5 a thousand thousand shares at $50 per share from GS Capital Partners and other investing. funds affiliated to the Wall Street bank. The repurchase is at a 0.5 percent abatement to the closing price on Friday.

The move comes as contemplation continues to grow about Wall Street banks looking to get uncovered of proprietary trading or the private equity business to comply by new financial regulatory reform legislation.

The new Volcker rule, named on account of former Federal Reserve Chairman Paul Volcker, restricts banks from proprietary commercial and sets new limits on the size of private equity or disappear fund investments.

A source familiar with the situation told Reuters antecedently that Goldman is likely to reduce its own position in privy equity over time rather than spinning out GS Capital Partners and other units. (Click steady for Analysis)

Allied World said the repurchase represents about 9.4 percent of shares owing, and leaves the Goldman-affiliated funds with about 3.2 the masses non-voting shares, or 7.2 percent of the shares uncollected.

The buyback was separate from a $500 million share repurchase program that was authorized ~ means of the board in May.

(Reporting by Paritosh Bansal; Editing by Diane Craft) Keywords: ALLIEDWORLD/

(paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.get)

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved.

The copying, reimpression or redistribution of Reuters News Content, including by framing or resembling means, is expressly prohibited without the prior written consent of Thomson Reuters.