The market as it is today is often taken as some sort of unchangeable truth, particularly since it has existed in a similar form for most of the living memory of those participating in it.
This week Axa announced a $15.3bn agreement to purchase Bermudian (re)insurer XL at close to 2x tangible book value, with the merged entity set to become the largest commercial lines insurer in the world.
On Monday Axa surprised markets with a $15.3bn deal to purchase Bermudian (re)insurer XL, with the $57.60 a share offer representing a 33 percent premium to the target's closing share price on 2 March.
This week Axa announced a $15.3bn agreement to purchase Bermudian (re)insurer XL at close to 2x tangible book value, with the merged entity set to become the largest commercial lines insurer in the world.
One test of a good business is whether it can survive a period of bad management. This maxim was put more colourfully by Berkshire Hathaway chairman and CEO Warren Buffett when he famously said a truly great business could be run by a ham sandwich.
