Two Bermuda-based companies, Max Capital Group and Harbor Point Ltd., agreed to merge last week, creating a global insurance and reinsurance enterprise with total capital of $3 billion.
Terms of the deal, valued at $3.5 billion, call for an exchange of stock and the payment of a $300 million special dividend to all shareholders of the combined company at the close of the deal.
Executives pointed to size of the capital base of the combined company, to be named Alterra Capital Holdings, as a key benefit of the deal, while also highlighting the diversity of the combined businesses–geographically and by product type.
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