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...

Australian Senate to vote in June on corporate...

May 28, 2018

The Australian government has announced the Senate will vote in June on cutting corporate tax rates...

Huawei executive warns Australia risks economy...

Jun 27, 2018

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

EU foreign policy chief wants quick Australian...

Aug 8, 2018

The European Union's foreign policy chief, Federica Mogherini, says she wants a free trade...

World stocks slip as investors eye timing of Fed...

Aug 19, 2016

World stock markets have turned lower as investors speculate whether the U.S. Federal Reserve will...

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!