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Stock Market & Financial Investment News

News Breaks
August 22, 2013
08:46 EDTRNR, VRRenaissanceRe Validus weakness creates buying opportunity, says UBS
UBS sees limited downside for RenaissanceRe (RNR) and Validus (VR) at current levels, and the firm expects the stocks' valuation to rise over the long-term. The firm expects both companies to benefit from the inflow of capital into alternative reinsurance vehicles.
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April 14, 2014
16:11 EDTVRBarclays upgrades Aspen Insurance, sees start of reinsurance consolidation cycle
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10:24 EDTVRAspen 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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