I’ve been mulling over whether I should write about insurance M&A.  Ugh, yes, I should say something.  What pushed me over the edge was a piecein the WSJ on the purchase of Philadelphia Consolidated.  When I first heard about the deal, I blinked, and said, “Foreign acquirer overpays to enter the US.”  Is Philly a good company?  It’s a great company, but it may not be so under foreign ownership.  And, the price was well in excess of what it would have taken to create/attract the talent for a new venture.  Paying 2.7x book is not a winner.But, the have been other missteps as well recently.  Liberty Mutual buys Safeco and Ohio Casualty for 1.8x and 1.6x book.  High prices for the assets obtained, and Liberty Mutual can’t lever that much as a mutual[More...]

Puget Energy (PSD) - Macquarie Infrastructure Partners, Take-Two Interactive Software (TTWO) - Electronic Arts (ERTS), Safeco Corporation (SAF) - Liberty Mutual Group [More...]

Penn National Gaming(PENN) - Fortress (FIG), Countrywide Financial (CFC) - Bank of America (BAC), Anheuser-Busch Cos. (BUD) - InBev, BCE, Inc. (BCE) - Teachers Private Capital, Penn National Gaming(PENN) - Fortress (FIG) [More...]

XM Satellite Radio (XMSR) - SIRIUS Satellite Radio (SIRI), BCE, Inc. (BCE) - Teachers Private Capital, Frontier Pacific Mining Corp (FRP) - Eldorado Gold Corp (ELD), Ansoft Corp. (ANST) - Ansys, Inc. (ANSS) [More...]

Safeco Corporation (SAF) - Liberty Mutua. The Washington OIC received the companies Form A application on May 16, 2008. There are no statutory deadlines associated with the OIC review, but the companies have formally requested a decision by August 15,08 [More...]