As I was finishing a feature about merger-and-acquisition activity in the insurance industry last month, a Bloomberg news item caught my eye.
“Transatlantic May Draw Rival Bid to $3.2 Billion Merger Deal,” the headline read, suggesting that alternative suitors for Transatlantic Holdings Inc.—the reinsurer that agreed to merge with specialty-insurer Allied World Assurance Co. Holdings AG in mid-June—might kill the deal.
Executives involved in the deal touted this as a “specialty-lines merger”—the subject of my M&A feature for the June 20 NU. Yet despite the specialty bent of both firms, the deal was not consistent with the overriding trend I reported on—buyers seeking small, niche carriers and agencies to add new flavors to their specialty books.
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