The latest ups and downs on the stock market
While Brit Insurance itself seems unimpressed by Apollo Global Management’s £10-a-share offer, it seems to have excited the investment community. The insurer’s share price rocketed 20% to close at 880p on Friday. By Monday it had risen a further 1.36% to 892.78p.
It is unclear whether Apollo will raise its bid price, which would make a deal with Brit more likely. But, if a deal fails to materialise, the company can expect to see its stock returning to the levels at which it was trading before details of the offer emerged.
Brit is not the only riser in its peer group. The past week has also been kind to UK-based insurers generally and Lloyd’s firms in particular.
The biggest increase was Catlin. Its reported decision to abandon its Long Bay Re ‘sidecar’ reinsurance vehicle seems to have done little to unsettle investors. Long Bay Re was to make its debut on the London Stock Exchange’s AIM market on 4 June, put back from 26 May. Other strong risers over the week have included Beazley and Aviva.
Market indices Movers price 7-day Currency
FTSE 100 5,202.10 Catlin 352.10 +9.14% Dollar 1.45
FTSE 250 9,795.41 Beazley 123.10 +8.07% Euro 1.20
FTSE All-share 2,684.79 Aviva 344.30 +6.46% Yen 133.29