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Industry: Email Alert RSS FeedEXEL, Mid Ocean announce merger.(Bermuda Market Report)
National Underwriter Property & Casualty-Risk & Benefits Management, March, 1998 by Sclafane, Susanne
EXEL Ltd. and Mid Ocean Ltd. have agreed to merge, creating what they say will be the largest Bermuda-based insurance company. The all-stock transaction--valued at more than $2 billion--will result in EXEL issuing 1.0215 new shares of its ordinary shares for each share of Mid Ocean it does not already own, provided shareholders and regulators approve the deal.
EXEL, one of Mid Ocean's founding shareholders, currently owns 9.7 million, or 26.82 percent, of Mid Ocean's outstanding shares. In addition to creating a company with more that $9.1 billion in assets, EXEL gains a merger partner that "during its short run has always been first" to chart new territory, according to Peter Wade, a senior analyst for New York-based Lehman Brothers. Mid Ocean...
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