Heritage rejected approach as undervaluing company

Bermudan reinsurer Ironshore has confirmed that it is looking to buy Lloyd’s insurer Heritage Underwriting.

In a statement it said: “Further to Heritage Underwriting Agency plc’s announcements and recent press speculation, Ironshore confirms that it has made an approach to Heritage which may or may not lead to an offer being made in cash for the entire issued share capital of Heritage Underwriting Agency plc.

“This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of The City Code on Takeovers and Mergers and accordingly there can be no certainty an offer will be made.”