Hashtag: #BusinessMergers
Law Firm: Stock Market Consolidation
The ongoing battle for control of TMX Group Inc. — which itself recently bought a 16 percent stake in the Bermuda Stock Exchange [BSX] — is indicative of a global wave of consolidation in the stock exchange sector, says one of Canada’s preeminent business law firms.. An aborted merger between Canada’s TMX and the London Stock... Read more of this article
Ironshore’s New Australia Executive
The Australian operation of Bermuda re/insurer Ironshore has announced the appointment of Katherine Simmonds as Executive Director, who was also named to serve on the Board of Directors for Ironshore Australia. Ms Simmonds will be responsible for Ironshore Australia’s Mergers & Acquisitions [M&A] insurance programme offerings throughout... Read more of this article
Omega Rejects Latest Overture
Bermuda-based Omega Insurance Holdings Plc rejected a renewed merger offer from rival Barbican yesterday [Jan. 20] as takeover interest in the Lloyd’s of London insurer revived following a series of failed bids in 2011. Barbican’s new all-share merger “offers no improvement” on an unsuccessful cash-and-shares bid approach it... Read more of this article
New Merger Proposal For Omega
Bermuda’s Omega Insurance Holdings Ltd. was today [Jan. 20], thrust back into play as previously thwarted suitor Barbican Group Holdings Ltd. said it had made a “merger of equals” proposal to its Lloyd’s of London peer. Business website The Daily Deal reports Barbican, which is based in Guernsey, the Channel Islands, and its... Read more of this article
Renewed Gulf Keystone Speculation
Shares in Gulf Keystone Petroleum Ltd., the Bermuda-headquartered independent oil and gas explorer in the Kurdistan region of northern Iraq, rose to a record high on renewed speculation that the company will be sold. Shares climbed as much as 12 percent in London this morning [Jan. 10], the highest since Gulf Keystone’s listing in 2004. The stock... Read more of this article
Kane Completes First Phase Of Merger
Since its acquisition of HSBC Insurance Management [HIM] last June, independent captive insurer Kane has relocated its Bermuda operations to new premises as well as upgraded its Cayman, London and Vermont units. Completing the first phase of its integration with HIM, Kane has said the former HSBC business unit heads and their teams have been retained... Read more of this article
Sirius Acquires Loss Reserve Portfolio
Sirius International Insurance Group, a wholly owned subsidiary of Bermuda’s White Mountains Insurance Group, announced today [Jan. 6] that it had acquired the runoff loss reserve portfolio of Old Lyme Insurance Company Ltd. Bermuda reinsurer Old Lyme has been in runoff since 2008. Old Lyme loss reserves of approximately $23 million were transferred... Read more of this article
ConvergEx Bermuda Subsidiary Probed
ConvergEx Group today [Dec.24] announced the company and CVC Capital Partners have terminated their pending merger because of parallel investigations by the US Securities & Exchange Commission and Department of Justice into a Bermuda subsidiary of the technology firm. The transaction, announced on July 20, 2011, provided for ConvergEx to be acquired... Read more of this article
Fitch: Hardy Could Begin M&A Wave
Analysts at ratings agency Fitch say UK insurer Beazley’s renewed interest in buying Hardy Underwriting Bermuda underlines expectation for increased mergers and acquisitions in the non-life insurance sector in 2012, driven by low valuations and the impact of the European Union’s new Solvency II regime. Fitch said those insurers that are... Read more of this article
Hardy Attracts Beazley’s Interest
Shares in specialist insurer Hardy Underwriting Bermuda were lifted in morning trade on the London Stock Exchange this morning [Dec. 21] by the announcement from British insurer Beazley that it is interested in starting exploratory talks to acquire the firm. Beazley said in a statement this does not represent a firm intention to make an offer and there... Read more of this article
Validus Takeover Attempt Top Story
The long-running battle for control New York insurer Transatlantic — including the aggressive role played by Bermuda’s Validus – is one of the Top 10 re/insurance stories of 2011 according to a survey released by the National Underwriter industry news service today [Dec. 20]. The Transatlantic saga sits near the top of a list dominated... Read more of this article
Canopius Appoints New CEO
Canopius Group Ltd., the Lloyd’s of London insurer owned by Bregal Capital LLP, today [Dec.15] named Inga Beale [pictured] to be its chief executive officer from next month. She will replace current chairman and CEO Michael Watson, who becomes executive chairman. Canopius — which does business in Bermuda but which launched a major Swiss operation... Read more of this article
