Beazley snubbed in revised offer for Hardy
Beazley has confirmed that it has submitted a revised bid for Hardy Underwriting Bermuda, which has been rejected.
The Lloyd’s insurer made its first approach in October, with an offer of 300 pence per share which has since been increased to 330 pence per share in cash, funded from Beazley’s existing internal resources.
However, the board of Hardy Underwriting would not recommend the new offer and was not prepared to meet with Beazley to discuss it.
Beazley remains disappointed by the decision and is urging Hardy shareholders to encourage a more constructive approach.
In the absence of any such encouragement, the revised offer will be withdrawn.
In related news, Hardy Underwriting Bermuda has recently announced that it is opening an office in Singapore.
The specialist insurer and reinsurer is establishing Hardy Underwriting Asia Pte Ltd within the Lloyd’s Asia platform.
The firm says the move is in recognition of the growing significance of Asia Pacific economies and the tendency for local insurance and reinsurance markets to retain increasing amounts of risk.
Category: Companies News, Insurance News
Visited 1469 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.