Property & Casualty Insurance

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Helios Underwriting plc acquisition of Nameco (No 311) Limited

Friday, 19 Dec 2014 10:38am EST

Helios Underwriting plc:Says in line with its strategy of increasing underwriting capacity through acquisition, it has agreed to acquire Nameco (No 311) Limited, a limited liability member of Lloyd's (LLV) for a total consideration of 1.0 mln pound in cash.Completion is subject to change of control consent from Lloyd's.LLV participates in a spread of Lloyd's syndicates broadly similar to HUW's own participation.

Catlin Group Ltd announces possible offer

Wednesday, 17 Dec 2014 08:20am EST

Catlin Group Ltd:Confirms that it has received an approach from XL Group on a possible combination of XL and Catlin (Possible Offer).Under the indicative terms of the Possible Offer, XL would acquire 100 pct of Catlin for consideration of 410 pence in cash and 0.130 shares of XL for each Catlin common share.On the basis of closing price of an XL share on Dec. 16 of $35.01, an exchange rate of $1.573:1 Pound and a fully diluted share count of 386 mln shares, the Possible Offer values each Catlin share at 699 pence.Under the terms of the Possible Offer, Catlin shareholders would not receive a final dividend for the year ended Dec. 31.Catlin also confirms that it is in advanced negotiations regarding the sale of its interest in Box Innovation Group Limited (trading as ITB).In the event a sale is agreed on terms which generate surplus capital, any distribution of that surplus to Catlin shareholders would be in addition to the indicative terms of the Possible Offer.Discussions are currently ongoing between both parties and the final terms of any Possible Offer are subject to the completion of mutual due diligence.There can be no certainty that the discussions will lead to any transaction or any certainty as to the final terms on which any such transaction might proceed.A further announcement will be made in due course.

Progressive Corp announces acquisition of controlling position in ARX Holding Corp

Tuesday, 16 Dec 2014 08:35am EST

Progressive Corp:Says it has agreed to acquire a controlling position in ARX Holding Corp., the parent company of American Strategic Insurance (ASI) and its affiliates, for about $875 mln in cash.Says the shares will be purchased primarily from non-management shareholders and will bring Progressive's interest in the company to about 67 pct, up from the 5 pct interest it's held since 2012.Says the transaction is expected to close by April 1, 2015.Says it expects to purchase the remaining shares of the company over the next six years.


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Provider: Renaissance Capital
Provider: Edison Investment Research
Provider: Zacks Investment Research Inc.
Provider: GlobalData
Provider: Wright Reports

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