Hashtag: #BusinessMergers
BAS Acquires Integrated Technology Solutions
In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited announced it has acquired a majority equity position in Integrated Technology Solutions Ltd.. “We look forward to embracing ITS into the BAS Group of Companies,” said Kenneth Joaquin, Group President. “We strongly believe that the addition of ITS into our family of... Read more of this article
Omega Hints At New Takeover Offer
Bermuda-domiciled re/insurer Omega has suggested that it may have received a takeover offer in a statement issued yesterday [Mar. 27]. “The directors of Omega note the press speculation concerning the company and the movement in its share price,” the stock exchange circular said. “The company confirms that it continues to review possible... Read more of this article
World Distributors Buys HWP Cycle Division
World Distributors Ltd. has bought HWP Group’s cycle division assets and while the acquisition will result in six redundancies at HWP Group, World Distributors will be increasing its staff to handle the additional workload. World Distributors will now be the authorised dealer for Honda and Piaggio motorcycles in Bermuda. The product line-up will expand... Read more of this article
CNA To Buy Hardy Underwriting For $227 Million
CNA Financial Corporation have entered into an agreement to buy Hardy Underwriting Bermuda for $227 million. Commenting on the Acquisition, Thomas F. Motamed, Chairman and Chief Executive of CNA said: “We are delighted to have reached this agreement. Hardy is a specialist insurer and reinsurer with a respected brand and a long and distinguished... Read more of this article
Omega: ‘This Has Been A Difficult Year’
Bermuda-based Omega Insurance Holdings today [Mar.6] reported a $94.7 million loss before tax for 2011, more than double the $42.9 million it lost in the previous year. The international insurance and reinsurance group also saw a 14.5% reduction in gross written premiums in 2011 to $304.6 million [2010: $356.1 million] and a deterioration in its combined... Read more of this article
A.M. Best Affirms Ariel’s Ratings
A.M. Best Co. yesterday [Mar.1] affirmed the financial strength rating of A- [Excellent] and issuer credit rating [ICR] of “a-” of Bermuda’s Ariel Reinsurance Company Ltd. Additionally, A.M. Best has affirmed the ICR of “bbb-” of the parent company, Bermuda-domiciled Ariel Holdings, Ltd. The outlook for all ratings is stable. The ratings... Read more of this article
Goldman Sachs Buys Ariel Re
Ariel Holdings Ltd. today [Mar.1] confirmed reports that investment bank Goldman Sachs is acquiring its Bermuda-based insurance and reinsurance operations, which it will combine with its existing business underwritten through Lloyd’s Syndicate 1910. The acquired business will operate as part of Goldman Sachs Reinsurance Group [GSRG], under the... Read more of this article
Chile’s Velasco Joins Lazard Ltd.
Chile’s former finance minister and potential presidential candidate Andres Velasco [pictured] has joined Hamilton, Bermuda-based Lazard Ltd. as a senior adviser, the financial services company said in a statement. Velasco, who managed Chile’s economy during the 2008 and 2009 financial crisis, also is a visiting professor at Columbia University’s... Read more of this article
Lazard Hires Cecil For Energy Arm
Bermuda-based Lazard Ltd. hired David Cecil, a former Houston-based banker at Bank of Nova Scotia, to expand its advisory effort for oil and gas companies, the Bloomberg financial news service reported yesterday [Feb. 23]. Mr. Cecil recently left Scotia and plans to join Lazard later this year, said a source who spoke on condition of anonymity. Mr.... Read more of this article
Hardy ‘Could Attract Other Bidders’
Lloyd’s of London insurer Beazley PLC said its takeover interest in smaller rival Hardy Underwriting Bermuda Ltd. would likely trigger competing bids as insurers face continued pressure to merge because of weak prices and tighter capital requirements. Beazley, which abandoned a $284.7 million offer for Hardy in 2010, today [Feb.7] also reported... Read more of this article
Lazard Revenue, Profits Plunge
Bermuda’s Lazard Ltd., the largest independent merger adviser, today [Feb. 6] said fourth-quarter profit declined on a decrease in revenue from advising on deals. Net income fell to $1.4 million, or one cent a share, from $104.5 million, or 76 cents, in the same period a year earlier, the Hamilton-based firm said in a statement. Revenue from... Read more of this article
Bermuda’s Juniperus Bought Out
Insurance-specialist private equity investor Aquiline Capital Partners has bought out the existing shareholders of Bermuda-based catastrophe investment manager Juniperus Capital Ltd [JCL], industry journal “Trading Risk” reports today [Jan. 26]. The deal, which closed last week, saw Jeffery Greenberg-led Aquiline and JCL management buy out... Read more of this article
