Shareholders of Swiss (re)insurer Allied World last week approved a $US4.9 billion ($6.4 billion) takeover offer from Canada-based Fairfax Financial Holdings.

“With [this] vote, we move one step closer to completing the transaction with Fairfax, to the benefit of our shareholders, customers, business partners and employees,” Allied World President and CEO Scott Carmilani said.

Both parties expect to complete the transaction in the second quarter.

Fairfax is also competing with Suncorp New Zealand to acquire New Zealand insurer Tower.