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 around $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) For the first time, it said a hostile cash-and-stock offer from Validus Holdings (VR.N) was superior to the Berkshire bid, and Transatlantic said it was open to talks even as it condemned most aspects of the offer. Transatlantic also named a new chief executive and increased its share buybacks, moves its largest shareholder endorsed after previously opposing the Allied transaction. But it gave preliminary earnings results for the third quarter that were below even the most pessimistic Wall Street views.
Allied World Assurance Company Holdings, AG, formerly Allied World Assurance Company Holdings, Ltd. Shares of AWH traded higher by 3.5% or $1.87/share to $55.34. 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 258983.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH fell by 2.7% or $-1.34/share to $48.21. 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 951389.
Validus Holdings, Ltd. provides reinsurance and insurance coverage in the property, marine and specialty lines markets, and insurance coverage. Shares of VR fell by 2.67% or $-0.69/share to $25.18. In the past year, the shares have traded as low as $23.28 and as high as $34.95. On average, 1131930 shares of VR exchange hands on a given day and today's volume is recorded at 143411.
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