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Stock Market & Financial Investment News

News Breaks
December 12, 2012
16:03 EDTPTPPlatinum Underwriters sees $30M negative impact from Sandy
Platinum Underwriters Holdings announced that it expects Hurricane Sandy will have a net negative impact of approximately $30M on the company's results for the quarter ended December 31. The net negative impact from Hurricane Sandy includes a preliminary estimate of losses and loss adjustment expenses, net of retrocessional coverage, reinstatement premiums and income taxes. The company's assessment of its exposure to this event is ongoing.
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April 16, 2014
16:02 EDTPTPPlatinum Underwriters reports Q1 EPS $2.27, consensus $1.28
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April 14, 2014
10:24 EDTPTPAspen 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.

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