LONDON – Amlin PLC’s $5.3 billion takeover by a Japanese competitor has put the remaining four publicly traded Lloyd’s of London insurers in the spotlight for a possible takeover.
Beazley PLC, Hiscox Ltd., Lancashire Holdings Ltd. and Novae Group PLC all rallied in London trading after MS&AD Insurance Group Holdings Inc. agreed to pay 670 pence a share for Amlin — a 36 percent premium to Monday’s closing price. The deal, which represents 2.4 times net tangible book value, is the highest multiple paid for a Lloyd’s insurer.
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