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Real-Time news about Amlin (London Stock Exchange): 0 recent articles
|tanelorn: xl clearly feel there's value, at post week share price..
ed: Strong dollar set to strengthen further during the coming year, should help Amlin, alot!.|
|edmundshaw: Nice update. Good writing and another "benign" catastrophe year from the insurance pov.
Unlikely to be a hit in the Philippines from typhoon Haiyan:
"Thankfully the fears of 10,000 dead are unlikley to materialise with President Benigno Aquino saying the death toll is more likely to be between 2,000 and 2,500". Good to hear.
Likely we can expect a good dividend and share price progress somewhere before next year, IMO, so I shall stay put here for the foreseeable future (next few months at least). Or at least until we top £5+.|
|utsushi: Looks to me like the co has done well considering an exceptional catastrophe year, that is all behind, premiums can rise a bit, divi held, share price up with events, no real disequilibrum.|
|makingheaps: The fall back to the £4 mark is driven I believe by the recent market news on claims, eg Lloyds half year result profit halved etc. However, NAV is always cited as the driver of an insurance stock and while AML's profits might be lower they will not make a loss. NAV will therefore rise and the ratio of share price to NAV at the moment looks a lot healthier than it did when the shares were 5% higher.
What we really need to cause a re-rating is a rise in interest rates and therefore investment returns|
|makingheaps: Current share price is £3.60 so if Cedit Suisse have a target of £4.55 thats now a 26% increase which must make it a BUY. I trust we can expect a further update|
|makingheaps: Seems like an excellent set of interims today. Yield is still over 5% at current share price despite recent rise. I read elsewhere that Goldman Sachs rate it as a buy with a target of £4. They may revise this upward now. My main concern is the NAV. Is the stated NAV of £2.419 the normal measure? If so we are trading at a multiple of 1.5x whereas BRE for example is below NAV currently.|
Tokio Marine and Kiln: Now Japanese insurers get acquisitive
An unusual bit of activity from Japan's rather quiet insurance sector with the acquisition, announced Friday, by Tokio Marine & Nichido Fire Insurance, Japan's biggest non-life insurer, of Kiln, a Lloyds of London insurer for £442m.
It was billed as the largest overseas acquisition by a Japanese insurance group - although we'd add, it's one of the only ones to chose from.
The deal highlights the attractiveness of businesses at Lloyds to overseas buyers. Two of the market's insurers have been bought by Bermudan interests this year. It is also the strongest signal yet of the expansionary ambitions of Millea Holdings, Tokio Marine's parent company, reports the FT on Friday.
Undoubtedly, Japanese insurers are also registering the growing appetite among China's insurers for overseas acquisitions, and Beijing's moves to lift the previous 5 per cent limit on overseas investments by domestic insurers. Already, Ping An, China's third-largest insurer, has bought a 4.2 per cent stake in Belgo-Dutch financial services group Fortis and its bigger rival China Life has indicated it is seeking overseas acquisition targets.
Kiln CEO Edward Creasy told Bloomberg on Friday that the deal with Tokio Marine is "the perfect match". Kiln had been talking to Millea and "one or two others" for the last few months, he added, declining to name the other companies.
Tokio Marine is paying 150 pence a share, or a 16 per cent premium to Kiln's closing share price on Thursday of 129 pence and a 33 per cent premium to the average share price in the past year, to take 100 per cent of the UK insurer.
The all-cash deal for the fourth largest Lloyds managing agency highlights the Japanese group's intention to use its substantial assets to build up its overseas operations. It also builds on the business ties Tokio has forged with Kiln over four decades.
Shuzo Sumi, president of Millea Holdings, Tokio Marine's parent company, has indicated his ambition to increase the group's revenues from overseas businesses from a forecast 13 per cent next year to 20-25 per cent by 2010.
The Japanese insurer, which has business in 36 countries, has focused on entering into emerging markets through M&A and has expanded its insurance and re-insurance business in Bermuda, the UK and US mainly through organic growth.
It has acquired Real Seguros in Brazil and Asia General Holdings in Singapore and has invested in four other insurance groups, including two in China.
Kiln, which provides energy, marine, property and aviation coverage, plans to reduce underwriting in the London market next year amid more competition and falling prices, reports Bloomberg, noting that property and casualty insurers have retrenched amid declining premiums following last year's benign storm season.
Kiln shares rose 17 pence, or 13 per cent, to 146 pence in London morning trading, valuing the company at £426m, while Millea shares dropped 4.5 per cent to Y3,590 on the Tokyo Stock Exchange, the lowest since October 2005. The stock has declined 15 per cent this year, compared with a 11 per cent drop by the benchmark Topix index.
This entry was posted by Gwen Robinson on Friday, December 14th, 2007 at 9:21 and is filed under M&A, Capital markets. Tagged with Kiln, Millea, Tokio Marine. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.|
|spob: v01101999 - so far we have had a reversal of the recent panic. Imo the prospects of this company are in no way reflected in the current share price.|
|gurshb: What are peoples thoughts on this recent share price movement. At the end of last week i spoke to the FD who wasn't really revealing much info and just repeated info that was on the recent report. He did mention that the recent share price drop may have been due to investors placing money into to rival stocks due to possible takeover situations involving rivals. Would be interested in the general opinion on this thread.|
very informative views. Do you have thoughts as to where they could possibly be looking? I share your short term price target of £4 med term, however if they are taken over this could also be good for the share price. Also they do appear cash rich enough to go shopping, interesting spring / summer ahead me thinks.|
Amlin share price data is direct from the London Stock Exchange