October 28, 2021

Insurer Hardy rebuffs offer from Beazley

first_img Lloyd’s of London insurer Beazley yesterday said it still hoped to clinch a takeover of Hardy Underwriting after its smaller peer rejected an initial 300p per share approach this month.Dublin-based Beazley said its proposed cash offer on 6 October valued Hardy at about £155m. The approach, which represented a 36 per cent premium to Hardy’s closing share price on 5 October, was rejected by the Bermuda-based insurer in a letter dated 8 October.Hardy said the offer substantially undervalued the company and its board had rejected it unanimously as an opportunistic attempt to buy the group. Hardy’ s shares rose 17 per cent to 285p in early trading, before closing at 290p. Shares in Beazley rose 4.7 per cent to 119.9p making the company the second-biggest riser in the FTSE 250 share index. They closed at 118p.Analysts said the rise reflected prospects that Beazley would earn a positive return on its cash reserves – generating almost no returns now because of low interest rates – if the deal goes ahead.Consolidation among Lloyd’s insurers, which offer cover against large-scale risks such as natural disasters, has long been mooted as cyclically low insurance prices weigh on their shares, although deals can be difficult to secure. Brit Insurance agreed to a £850m offer from buyout firm Cinven Capital Partners and Apollo Management last month.Beazley, which in July said its first-half profit nearly quadrupled, said on Monday it would continue talks with Hardy’s board and shareholders with the aim of agreeing a recommended deal. whatsapp KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPuffer fish snaps a selfie with lucky divernypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com Tags: NULL whatsapp Insurer Hardy rebuffs offer from Beazley Monday 18 October 2010 8:25 pm Show Comments ▼ Sharelast_img

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