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As I was putting the finishing touches on a feature about merger-and-acquisition activity in the property and casualty insurance industry last week, a Bloomberg news item caught my eye.

“Transatlantic May Draw Rival Bid to $3.2 Billion Merger Deal,” the headline read, suggesting that alternative suitors for Transatlantic Holdings, Inc.—the reinsurer that agreed to merge with specialty insurer Allied World Assurance Company Holdings AG last Sunday— would put the kibosh on the deal.

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