Hashtag: #BusinessMergers
Omega: Byrne Deal Is ‘Terminated’
Lloyd’s of London insurer Omega today [Dec.13] said it considered an offer by Haverford to purchase a 25 percent stake in the company to be terminated, insisting the Bermuda firm had not honoured its original terms. Earlier this month Haverford, led by Bermuda-based insurance entrepreneur Mark Byrne [pictured], said it wanted to lower its price... Read more of this article
Alterra Merges Irish Companies
Bermuda based Alterra Capital Holdings Limited today [Nov.1] announced the merger of its Irish underwriting companies, Alterra Europe plc (“Alterra Europe”) and Alterra Reinsurance Europe plc. Alterra Europe, the surviving entity, will underwrite business from its head office in Dublin, as well as from its branch offices in London and Zurich. W.... Read more of this article
Commercial Bank Completes Amalgamation
Bermuda Commercial Bank confirmed that the amalgamation of Paragon Trust Ltd and Charter Corporate Services Ltd was completed yesterday [Oct.4] The combined entities will operate as subsidiaries of BCB under the names of BCB Paragon Trust Ltd and BCB Charter Corporate Services Ltd. The current offices of Paragon and Charter at “Trinity Hall”,... Read more of this article
Digicel Buys Internet Service Provider Transact
Digicel confirmed today [Sept.21] that it has acquired local internet service provider Transact. Digicel CEO Wayne Caines said, “Digicel is extremely pleased to have acquired Transact and we look forward to continuing the provision of reliable internet service to Transact customers. ” “It is our aim to apply our existing business principles... Read more of this article
Allied World & Transatlantic Terminate Agreement
Bermuda-based Allied World Assurance Company Holdings has mutually agreed with Transatlantic Holdings to terminate their previously announced merger agreement. The Special Meeting of Allied World shareholders, which was scheduled to be held on September 20, 2011, has been cancelled. Under the terms of the termination agreement, Allied World will receive... Read more of this article
ACE to Acquire Agribusiness Insurer Penn Millers
ACE Limited has entered into a definitive agreement to acquire Penn Millers Holding Corporation [PMHC] for $107 million in cash. PMHC’s primary insurance subsidiary, Penn Millers Insurance Company, is a well-established underwriter of agri-related insurance in the U.S., providing specialty property and casualty insurance coverages to companies... Read more of this article
BCB Acquisition: Trust/Corporate Service Co.
Bermuda Commercial Bank [BCB] has entered into an agreement to amalgamate Paragon Trust Ltd. and Charter Corporate Services Ltd. with two of BCB’s subsidiaries. The current offices of Paragon and Charter at “Trinity Hall”, 43 Cedar Avenue in Hamilton, will become the centre for Private Wealth services for BCB. The amalgamation is expected... Read more of this article
National Indemnity Bids For Transatlantic
A unit of Warren Buffett’s Berkshire Hathaway Inc. entered into the bidding war over Transatlantic Holdings Inc, offering to buy the reinsurer for $3.24 billion. Transatlantic has an agreement to be bought by Allied World, and Validus is also bidding for the company. Transatlantic confirmed they received a proposal from National Indemnity Company... Read more of this article
Archer To Buy Great White Energy Services
Bermuda based Archer Limited, through a wholly-owned subsidiary, has signed a definitive Purchase and Sale Agreement for the acquisition of all the operating companies of Great White Energy Services a company formed by Wexford Capital LP, in a transaction valued at $742 million on a cash and debt free basis. The transaction is expected to close in the... Read more of this article
Transatlantic Rejects Offer, Sues Validus
[Updated] Transatlantic Holdings Inc. sued Bermuda based reinsurer Validus Holdings Ltd. in federal court in Delaware, contending the company is trying to mislead Transatlantic stockholders into tendering their shares in violation of securities law. The New York Times reports that “Transatlantic Holdings rejected a $3.2 billion hostile bid by... Read more of this article
Validus Responds To Transatlantic Holdings
Bermuda based Validus Holdings, Ltd. today [July 20] responded to yesterday’s announcement by the Board of Directors of Transatlantic Holdings, Inc. A Validus spokesperson said, “Validus has delivered to the Board of Directors of Transatlantic a Superior Proposal that provides a 27.1% premium to the June 10, 2011 Transatlantic unaffected... Read more of this article
Allied World Committed to Transatlantic Merger
Allied World Assurance Company Holdings today [July 18] affirmed that it remains fully committed to the terms of the merger with Transatlantic Holdings, Inc., which it believes provides the best value for all shareholders and the best prospects for long-term growth. Allied World Chairman, President & Chief Executive Officer, Scott Carmilani, stated,... Read more of this article
