Insurer AIG is buying Validus in deal worth about $5.56B

NEW YORK — Insurer AIG is buying Validus, a provider of reinsurance, primary insurance, and asset management services, in a deal worth approximately $5.56 billion.

American International Group Inc. said Monday that it will pay $68 for each share of Validus Holdings Ltd. That's a 45.5 percent premium to the Bermuda company's Friday closing price of $46.72.

Shares of Validus rose almost 5 percent before the market opened.

AIG President and CEO Brian Duperreault said in a prepared statement that the acquisition will bring new businesses and capabilities to the New York company's general insurance operation.

The deal is targeted to close by the middle of the year. It still needs approval from Validus shareholders.

You may also like these

5 lawmakers leave Australian Parliament due to...

May 9, 2018

Five Australian lawmakers have been forced from Parliament in an ongoing legal wrangle over a...

Huawei executive warns Australia risks economy...

Jun 27, 2018

A Huawei executive says Australia could damage its economic future if it bans the Chinese...

Usain Bolt to make run at pro soccer in Australia

Jul 17, 2018

Trading spikes for boots, Usain Bolt ready to make run at pro soccer in Australia

Global stocks dip ahead of release of Fed minutes

Aug 17, 2016

Global stocks and the price of oil dipped Wednesday as investors awaited the release of the minutes...

China tightens control of online news after...

Aug 19, 2016

The Chinese government is holding chief editors of news websites personally liable for content...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!