Reinsurers Allied World Assurance Co Holdings Ltd (AWH.N) and Transatlantic Holdings Inc (TRH.N) called off their merger on Friday in the face of overwhelming opposition, and Transatlantic indicated it might remain independent despite two higher offers on the table. Five days after telling shareholders to accept Allied World's all-stock offer of about $47 per share, Transatlantic said it would be a disservice to them to accept a $52-a-share cash offer from Warren Buffett's Berkshire Hathaway (BRKa.N). A person familiar with the situation said the difference between the two was a potential upside with the Allied deal -- shareholders had the chance to benefit from future gains. However, Berkshire would purchase them out at a discount and left no potential for returns down the road. Transatlantic was controlled by insurer AIG (AIG.N) until 2009, when AIG reduced its stake in an effort to raise capital following a U.S. government bailout.
Allied World Assurance Company Holdings, AG, formerly Allied World Assurance Company Holdings, Ltd. Shares of AWH traded higher by 2.38% or $1.27/share to $54.74. In the past year, the shares have traded as low as $49.00 and as high as $65.70. On average, 380742 shares of AWH exchange hands on a given day and today's volume is recorded at 606441.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH fell by 2.36% or $-1.17/share to $48.38. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 919738 shares of TRH exchange hands on a given day and today's volume is recorded at 2502776.
American International Group, Inc. (AIG) is an international insurance organization, serving customers in more than 130 countries. Shares of AIG fell by 0.44% or $-0.11/share to $24.93. In the past year, the shares have traded as low as $21.46 and as high as $62.87. On average, 8295650 shares of AIG exchange hands on a given day and today's volume is recorded at 3550474.
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