Legacy acquirers drawn to live M&A
The low valuations of most quoted (re)insurers is tempting run-off acquirers that would then look to sell on the renewal rights before winding-up the business, according to Aon Benfield.
With many specialist Bermudian, US and London (re)insurers trading at - or below - book, investors' fears of future earnings and heavy pipeline losses means there is little franchise value to be paid.
Last year, Berkshire Hathaway's unsuccessful approach for Transatlantic was thought to have been predicated on placing a significant...
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