Insurance - Property / Casualty
Warba Insurance Co KSC Increases its Stake in Ritaj Takaful Insurance Company KSCC from 33.6% to 58.7%
Warba Insurance Co KSC announced that it has increased its stake in Ritaj Takaful Insurance Company KSCC from 33.6% to 58.7%.
Randall & Quilter Investment Holdings PLC Announces Acquisition
Randall & Quilter Investment Holdings PLC announced that it has successfully reached agreement with MPPA Insurance Ltd (MPPA) to receive by way of novation all contracts underwritten by MPPA. The contracts have been novated to cells in the R&Q owned Bermuda rent-a-captive facility, R&Q Quest SAC Limited. This required agreement of the two front companies; Travelers Indemnity Company and National Union Fire Insurance Company of Pittsburgh (part of AIG).
Lender Processing Services Inc Announces Adjustment to Consideration Mix in Acquisition by Fidelity National Financial Inc
Lender Processing Services Inc announced that Fidelity National Financial Inc has exercised its option to adjust the consideration mix in its previously announced acquisition of LPS by increasing the cash component of the total consideration by approximately $500 million and correspondingly decreasing the stock component of the total consideration by an equal amount. FNF will directly provide $300 million of the $500 million increase, with funds affiliated with Thomas H. Lee Partners, L.P. (THL) providing the remaining $200 million. The total consideration will be unchanged and the additional $500 million cash component will be offset by an equal reduction in the stock component of the total consideration. On May 28, 2013, LPS signed a definitive agreement under which FNF will acquire all of the outstanding stock of LPS for $33.25 per common share, for a total equity value of approximately $2.9 billion. Under the definitive agreement, FNF's shares of common stock have been valued at $25.489 per share (the Reference Price). Based on the increased cash component of the total consideration, that now represents a fixed exchange ratio of 0.42948 shares of FNF common stock for each share of LPS common stock. Based on the Reference Price, FNF currently expects to issue approximately 37.8 million shares of FNF common stock to LPS common stockholders, representing approximately 14.2% of FNF's pro-forma, fully diluted outstanding shares.
American International Group Inc's International Lease Finance Corporation Unveils Intention To Purchase 50 E-Jets E2 Aircraft From Embraer SA
International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group Inc announced that it signed a letter of intent, subject to final agreement, for the purchase of 50 E-Jets E2 aircraft from Embraer SA, including 25 E190-E2 and 25 E195-E2. The deal also includes options for an additional 50 aircraft, and marks the introduction of the E-Jets Family to the Company’s diverse aircraft fleet. Deliveries of the new aircraft are expected to begin in January 2018 and complete in 2023.
Mansard Insurance PLC Acquires Entire Capital of Procare Health Plan Nigeria Limited
Mansard Insurance PLC announced that it has acquired the entire issued share capital of a Health Management Organization known as Procare Health Plan Nigeria Limited and intends to run and operate same as its subsidiary in the Health Maintenance Industry. Financial details were not disclosed.
NKSJ Holdings Inc's Sub-subsidiary Completes Acquisition of Maritima Seguros - Nikkei Net
Nikkei Net reported that NKSJ Holdings Inc's sub-subsidiary, Yasuda Seguros S.A., has completed the acquisition of 27,024,365 shares (a 50% stake) of Marítima Seguros S.A., for JPY 9,622 million, from two individuals, on June 11, 2013. After this, Yasuda Seguros S.A. holds an 87.0% stake in Marítima Seguros S.A.
Travelers Companies Inc To Acquire The Dominion of Canada General Insurance Company From E-L Financial Corporation Ltd
Travelers Companies Inc announced that it has agreed to acquire The Dominion of Canada General Insurance Company from E-L Financial Corporation Ltd for approximately $1.1 billion in cash, subject to adjustment. The Dominion and Travelers` Canadian operations will be integrated and the combined organization will remain headquartered in Toronto. The transaction is expected to close in the fourth quarter of 2013, subject to regulatory approvals and other customary closing conditions. Travelers will fund the transaction, subject to market conditions, through a combination of debt and/or preferred stock financing and internal resources. Based on this financing plan, the company does not believe that the transaction will have a significant impact on anticipated share repurchases for 2013 or 2014. Skadden, Arps, Slate, Meagher & Flom LLP and Gowling Lafleur Henderson LLP served as legal advisors to Travelers.
Berkshire Hathaway Inc And 3G Capital Complete Acquisition Of H.J. Heinz Co
H.J. Heinz Co announced the completion of its previously announced acquisition by an investment consortium comprised of Berkshire Hathaway Inc and an investment fund affiliated with 3G Capital. The acquisition agreement was first announced on February 14 and the transaction closed and became effective on June 7, 2013. Heinz shareholders will receive $72.50 in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes. As a result of the completion of the merger, the common stock of Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7, 2013. As previously announced, Bernardo Hees has become Chief Executive Officer of Heinz, effective immediately. Heinz also announced that Paulo Basilio has become Chief Financial Officer of Heinz, effective immediately. Mr. Basilio will report directly to Heinz CEO Bernardo Hees.
Tower Group International Ltd Enters Into Agreement To Acquire American Safety Reinsurance, Ltd. From Fairfax Financial Holdings Limited
Tower Group International Ltd announced that it has entered into an agreement to acquire American Safety Reinsurance, Ltd. (ASRe), the Bermuda-based reinsurance subsidiary of American Safety Insurance Holdings, Ltd. (ASI), from Fairfax Financial Holdings Limited (Fairfax Financial) for approximately $59 million. The purchase of ASRe is expected to close in the second half of 2013, following the completion of Fairfax Financial’s acquisition of ASI. Following the close of the transaction, the operations and employees of ASRe will be combined with Tower’s Bermuda reinsurer, Tower Reinsurance, Ltd. (Tower Re).
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Sector Summary
| Energy |  -0.01% |
| Basic Materials | -0.87% |
| Industrials | -0.61% |
| Cyclical Goods & Services |  +0.03% |
| Non-Cyclical Goods & Services | -0.23% |
| Financials | -0.23% |
| Healthcare | -0.43% |
| Technology | +0.04% |
| Telecoms | +0.08% |
| Utilities | -0.64% |
| DOW | 14,932.41 | -42.55 |
-0.28% |
| S&P 500 | 1,614.08 | -0.88 |
-0.05% |
| NASDAQ | 3,433.40 | -1.09 |
-0.03% |
| TR US Index | 146.52 | -0.13 |
-0.09% |
Analyst Research
| Report Title | Price |
|---|---|
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Provider: Renaissance Capital
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$92.00
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Provider: Edison Investment Research
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$10.00
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Provider: Edison Investment Research
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$10.00
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Provider: Edison Investment Research
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$10.00
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Provider: Edison Investment Research
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$10.00
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