AXIS Capital Could Attract Offer From Arch Capital: Report

By and | May 7, 2015

AXIS Capital Holdings Ltd. climbed in New York trading on Wednesday after “Insurance Insider” reported that the company, which has agreed to merge with PartnerRe Ltd., could draw a bid from Arch Capital Group Ltd.

AXIS could attract an offer if its planned deal with PartnerRe collapses, the publication reported Wednesday. Bermuda-based PartnerRe has drawn an unsolicited $6.4 billion cash offer from Italy’s EXOR SpA. Bermuda-based AXIS could also become a target if its shareholders oppose the revised merger terms that were designed to appeal to PartnerRe, “Insurance Insider” said.

AXIS advanced 2.1 percent to $53.25 at 1:16 p.m. in New York trading on Wednesday. PartnerRe climbed 0.8 percent. Arch was little changed.

Joy Huibonhoa, deputy general counsel at Bermuda-based Arch, declined to comment. Michael Herley, a spokesman at Kekst & Co. representing AXIS, didn’t immediately return a call for comment.


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