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News Breaks
January 16, 2013
06:50 EDTAHLAspen Insurance downgraded to Neutral from Buy at Sterne Agee
Sterne Agee downgraded Aspen Insurance based on lower earnings forecasts due to higher insurance segment expenses and valuation. Price target is $36.
News For AHL From The Last 14 Days
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April 14, 2014
16:11 EDTAHLBarclays upgrades Aspen Insurance, sees start of reinsurance consolidation cycle
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15:48 EDTAHLAspen Insurance upgraded to Equalweight from Underweight at Barclays
14:20 EDTAHLEndurance Chairman says willing to invest $25M of own funds in Aspen transaction
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14:18 EDTAHLEndurance Specialty expects Aspen holders to recognize value of proposed deal
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12:26 EDTAHLOn The Fly: Midday Wrap
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12:00 EDTAHLAspen Insurance rises 11.3%
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10:41 EDTAHLAspen rejects offer from Endurance, sees no purpose in meeting
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10:24 EDTAHLAspen Insurance jumps after receiving buyout proposal
Shares of Aspen Insurance (AHL) are rising after a peer in the insurance and reinsurance industry, Endurance Specialty (ENH), offered to buy the company. WHAT'S NEW: Endurance Specialty announced that it had sent a takeover proposal to Aspen, offering to buy the company for $3.2B, or $47.50 per share. Endurance offered Aspen shareholders the right to receive, at their election, all cash, all Endurance common shares, or a combination of cash and Endurance common shares in exchange for their stake in Aspen. Endurance, which said the cash consideration to be offered will be funded from cash resources and $1.05B of newly issued common shares to investors, argues that the combined company would be a global leader in specialty insurance and reinsurance with increased scale, market presence, diversification and profit potential and over $5 billion of combined annual gross premiums written. PRICE ACTION: In early trading, Aspen climbed $6.01, or 15.27%, to $45.38 and Endurance Specialty fell 2.95% to $52.23 before shares of both companies were halted for trading around 10 am ET. Other reinsurers rose, with Montpelier Re (MRH) advancing 2.2% to $29.94, Platinum Underwriters (PTP) gaining 1% to $60, and Validus (VR) adding 0.8% to $37.59.
10:07 EDTAHLAspen Insurance trading halted, pending news
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10:00 EDTAHLAspen Insurance rises 15.1%
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09:00 EDTAHLAspen Insurance rises 21.4%
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08:38 EDTAHLEndurance Specialty offers to buy Aspen Insurance for $3.2B, or $47.50 per share
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08:34 EDTAHLEndurance Specialty proposes to acquire Aspen Insurance for $47.50 per share

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