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February 13, 2013
05:55 EDTNATL, NATL, TRV, TRV, Y, Y, VR, VR, AHL, AHL, AFL, AFL, XL, XL, AXS, AXS, PL, PL, RNR, RNR, MET, MET, ALL, ALLBofA/Merrill to host a conference
2013 Insurance Conference is being held in New York on February 13-14.
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April 17, 2014
12:54 EDTAHLEndurance Specialty CFO comments on Aspen's poison pill adoption
Endurance Specialty Holdings (ENH) commented on Aspen Insurance's (AHL) adoption of a poison pill "shareholder rights plan" in response to Endurance's April 14 proposal to acquire all of the common shares of Aspen for $3.2B, or $47.50 per Aspen share, with a combination of cash and Endurance common shares. Michael J. McGuire, CFO of Endurance, said: "At a time when the Aspen board should be seriously considering an opportunity to deliver significant value to its shareholders, it is instead focused on blocking them from receiving that value and on taking actions to entrench themselves. This is not a surprise given the lack of alignment and clear disdain Aspen's Board has shown for its shareholders in summarily rejecting our proposal without any discussion whatsoever. A poison pill is a well documented defensive step typically taken by an entrenched board of directors. It's interesting Aspen's Board adopted a poison pill that divides their shareholders into different categories - good and bad, passive and active - a division that is currently the subject of litigation in an unrelated situation. As if it weren't clear before, Aspen shareholders now have further evidence of their Board's deliberate actions to prevent them from receiving attractive value for a strategically sound acquisition. We remain fully committed to delivering our highly attractive premium offer to Aspen shareholders," McGuire concluded.
09:13 EDTAHLAspen Insurance adopts one-year shareholder rights plan
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April 15, 2014
10:00 EDTTRV, AXSOn The Fly: Analyst Downgrade Summary
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05:29 EDTTRVTravelers downgraded to Market Perform from Outperform at Raymond James
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05:29 EDTAXSAXIS Capital downgraded to Market Perform from Outperform at Raymond James
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April 14, 2014
16:11 EDTVR, AHLBarclays upgrades Aspen Insurance, sees start of reinsurance consolidation cycle
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15:48 EDTAHLAspen Insurance upgraded to Equalweight from Underweight at Barclays
15:06 EDTALLAllstate sells Sterling Collision Centers, sees small after-tax gain
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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 EDTVR, AHLAspen 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
April 9, 2014
07:41 EDTALLBofA unit, Allstate dismiss toxic mortgage debt suit, Reuters says
Allstate (ALL) and Bank of America's (BAC) Countrywide unit have agreed to end a lawsuit stemming from $700M of toxic mortgage debt, according to Reuters, citing a court filing. Reference Link

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