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Article: ACE Acquisition Boosts Presence At Lloyd's.(ACE Ltd. to acquire Tarquin Ltd.)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- June 22, 1998
- Author:
CopyrightCOPYRIGHT 1998 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ACE Ltd. of Hamilton, Bermuda, said it has executed a definitive agreement to acquire Tarquin Ltd., a U.K.-based holding company which owns Charman Underwriting Agencies Ltd., a Lloyd's managing agency in a pooling-of-interest stock transaction valued at $503.2 million.
Under the terms of the agreement, ACE plans to issue 14.3 million shares of its stock to the shareholders of Tarquin. ACE's common stock closed up 18.75 cents a share at $35.1875 a share on June 15 in trading on the New York Stock Exchange.
ACE said the transaction would not dilute earnings.
Weston Hicks, an analyst with Sanford C. Bernstein & Co. in New York, said ACE is acquiring ...