We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Myriad Metals Corp | CSE:MMC | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.205 | 0.20 | 0.24 | 0 | 01:00:00 |
DOW JONES NEWSWIRES
Marsh & McLennan Cos.' (MMC) Guy Carpenter & Co. risk and reinsurance unit agreed to acquire privately held reinsurancer John B. Collins Associates Inc. as Carpenter moves to bolster its position in North America.
Terms were not disclosed for the deal, slated to close in the second quarter.
Guy Carpenter cited benefits from Collins' strength in crop, Florida property and regional specialty lines and said Collins' medical-malpractice business will complement Carpenter's professional-liability offerings. Collins has 190 employees.
The deal comes three weeks after Marsh & McLennan posted a 5.9% drop in fourth-quarter net income amid higher restructuring costs. Earnings from the risk and insurance division - including its core brokerage unit Marsh Inc. and Guy Carpenter - more than doubled on improved results at both operations. Unit revenue fell 6% on lower reinsurance rates, but operating margin soared to 8.2% from 3.7%.
Part of the reason for the unit's results is McLennan's continuing effort to revamp the business, making Guy Carpenter more diversified through acquisitions.
The unit has been a bright spot for Marsh & McLennan as insurance brokers are hit by the economic recession on top of a bruising policy price war tied to below-average catastrophe rates. Fitch Ratings last month has projected flat to modestly weaker profits for insurance brokerages this year amid economic pressures.
Marsh shares closed Friday at $17.93 and were inactive premarket. The stock is down by half since mid-September.
-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com
1 Year Myriad Metals Chart |
1 Month Myriad Metals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions