The Lloyd's market continues to attract the attention of acquisitive Bermudan insurers
Once again, the big Bermudans are pulling back their bowstrings and letting fly at the Lloyd’s market. This time round, Ironshore shot wide with a failed approach for Heritage, estimated to be worth 135p a share.
And in the middle of Tuesday afternoon, the Kiln board announced that the company had been approached in response to a share price spike – although its potential suitor remains in the shadows. Nevertheless, the consensus was: “It’s another Bermudan.”
Kiln redomiciled to Bermuda earlier this year – which shows that Bermudans are willing to snap up companies that are already rooted on the island. This could mean that Hardy – touted as a takeover candidate by Numis last week alongside Novae and Kiln, and which announced its redomiciliation this week – may yet be the subject of Bermudan interest.
Lloyd’s insurers are being touted as potential takeover targets because of a string of good underwriting results for Bermudans, which are looking to spend the resulting cash.
Atrium has passed into Ariel Re’s hands already this year, and Talbot went to Validus Re.