Board of Lloyd’s insurer pledges to consider all options.
Fairfax Financial Holdings, a Canadian financial services holding group, has launched a £67m bid for London and Bermuda based insurer Advent.
The bid, announced today to the Stock Exchange, values Advent at 165 pence per share in cash. Shares in the insurer closed at 165 pence on Monday, the day before the offer, but its net assets were valued far higher, at 240 pence per share, in its interim results, released this week.
In a statement, Advent’s board said it would consider all options open to the company, adding that it would be mindful of “the real, longer term value of the Advent business”.
It added: “The board believes that Advent is well positioned in these competitive and challenging markets. The business has lived through many challenges over the past 33 years and its experienced management team believes the underwriting team has the discipline and experience to operate in today’s competitive environment.”
