People who didn’t know the late Susan B. Waters or have the opportunity to hear her speak really missed out on one of the leading lights of the insurance...
THE TRANSACTION: Insurer Markel Corp. is purchasing Alterra Capital Holdings Ltd. for nearly $3 billion in cash and stock in order to diversify its business.
THE DETAILS: Alterra stockholders will receive $10 per share in cash and 0.04315 of a Markel share for each Alterra share held. Markel said that this will give Alterra stockholders $31 per share, a 34 percent premium to the stock's closing price Tuesday.
CLOSING: The acquisition is subject to shareholder approval and is expected to be completed during the first half of next year.