Navigators Completes Acquisition of Belgian Specialty Insurer
STAMFORD, Conn., June 07, 2018 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) today announced the completion of the acquisition of Bracht, Deckers & Mackelbert NV ("BDM"), a specialty underwriting agency, and its affiliated insurance company, Assurances Continentales - Continentale Verzekeringen NV ("ASCO"). Both companies are domiciled in Antwerp, Belgium. As part of the transaction, Navigators also acquired Canal Re SA, a Luxembourg reinsurance company that is a wholly-owned subsidiary of ASCO. The addition of BDM and ASCO advances Navigators' diversification strategy, expanding upon the company's existing European presence in Rotterdam, Milan, Paris, Madrid and its current Antwerp office.
Stanley A. Galanski, President and Chief Executive Officer of Navigators, commented, "The transaction demonstrates Navigators' commitment to delivering our technical expertise and specialty insurance products to more brokers and insureds in Europe, while also providing a solution for Navigators to ensure continuity of coverage for our policyholders following the UK's exit from the European Union. BDM and ASCO are a strong fit for Navigators, in large measure because we share complementary cultures that emphasize a passion for underwriting discipline and outstanding claims experiences."
Jos Gielen, Chief Executive Officer of ASCO and BDM, added, "We are delighted to join Navigators to deliver an even broader portfolio of specialty insurance products and value-added technical and industry expertise to our clients. In addition to the benefits of Navigators' financial strength, this transaction will provide BDM and ASCO with significant opportunities for growth in local markets across Europe."
The acquisition was completed in accordance with the terms of the share purchase agreement signed on December 15, 2017, and follows the satisfaction of all conditions to the closing of the acquisition, including receipt of necessary regulatory approvals. Navigators paid EUR 35 million in cash as consideration for the acquisition. Additional information regarding the transaction can be found in a Current Report on Form 8-K filed today with the Securities and Exchange Commission and on Navigators' website, navg.com, on the SEC Filings page, which can be accessed via the Investor Relations section menu.
The Navigators Group, Inc. (Nasdaq:NAVG) is a global specialty insurance holding company. We provide customized insurance solutions designed to protect clients from the complex risks they face. For more than 40 years, Navigators has added value for broker partners and their clients-both in underwriting and in claims-through the depth and quality of our technical and industry expertise. Industries we serve include maritime, construction, energy, environmental, professional services and life sciences. Headquartered in Stamford, Connecticut, Navigators has offices in the United States, the United Kingdom, Continental Europe and Asia. For more information, please visit navg.com.
About BDM and ASCO
BDM (bdmantwerp.be) is one of the most reputable specialty insurance underwriting agencies in the Benelux region of Belgium, The Netherlands and Luxembourg, providing a range of insurance products and services in the marine and property and casualty lines of business. Established in 1934, BDM underwrites on behalf of ASCO and a number of other international insurers in organized insurance "pools."
ASCO (ascocontinentale.be) is a specialty insurance company with a diversified portfolio of insurance products and services in the marine and property and casualty lines of business. Founded in 1929, ASCO cooperates closely with underwriting agent BDM, acting as one of BDM's risk carriers. ASCO also owns Canal Re S.A (Canal Re), a Luxembourg reinsurance company that reinsures certain business of ASCO.
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words "estimate," "expect," "believe" or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are derived from information that we currently have and assumptions that we make. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators' most recent reports on Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators' business and the important factors that may affect that business. Navigators' undertakes no obligation to publicly update or revise any forward-looking statement.
Ciro M. DeFalco
Executive Vice President and Chief Financial Officer
Head of Communications
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: The Navigators Group, Inc. via Globenewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
GINA TRICOT ROLLS OUT RFID MAKING INVENTORY ACCURACY AND SUSTAINABILITY A PRIORITY 23.8.2019 11:00:00 CEST | Press release
Nordic ID, a Finnish technology company, known for innovative PaaS-solutions for item tracking and management, partners with Swedish clothing company Gina Tricot for real-time inventory solutions to be rolled out in more than 180 stores. Gina Tricot and Nordic ID will roll out the cloud-based inventory solution to track all its merchandise and to create real time visibility to inventories at various locations. This will enable outstanding inventory accuracy and allow the Swedish fashion house to respond with needed actions even faster. With the help of the RFID-based inventory solution, stores can take inventory on average 1-2 times a week, allowing optimal stock balance. Sustainability is an integral part of Gina Tricot operations and this solution will give insights needed to further optimize processes. The Nordic ID inventory solution will also help to continuously track inter-store deliveries. By implementing RFID, Gina Tricot targets an inventory accuracy of 99,5 %. Typically inve
Oasmias depåbevis avnoterade från NASDAQ i USA23.8.2019 10:30:00 CEST | Pressemelding
Oasmia Pharmaceutical AB har tidigare kommunicerat att bolaget avser att avnotera sina amerikanska depåbevis från Nasdaq Capital Market ("NASDAQ") i USA. Avlistningen är nu genomförd. Huvudsyftet med avnoteringen är att minska komplexiteten i finansiell rapportering och administrativa kostnader. Oasmias stamaktier fortsätter att handlas på NASDAQ Stockholm. Innehavare av depåbevis/ADS som vill fortsätta att inneha Oasmia-aktier i form av ADS behöver inte vidta några åtgärder. Oasmia kommer att upprätthålla en amerikansk mottagningsfacilitet för att göra det möjligt för investerare att inneha Oasmia-aktier i form av ADS och fortsätta att handla dessa värdepapper på OTC-marknaden. Dessa ADS:er kommer automatiskt att övergå till det nya ADR-programmet i samband med avlistningen och handlas under en ny ticker som ska utses. De investerare som innehar amerikanska ADS:er/depåbevis har möjlighet att lösa in dessa mot stamaktier i Oasmia som handlas på Nasdaq Stockholm. Mer information finns p
Oasmia ADSs delisted from NASDAQ in the US23.8.2019 10:30:00 CEST | Press release
Oasmia Pharmaceutical AB has previously communicated that the company intends to delist its American Depositary Shares (“ADS”) from the Nasdaq Capital Market (“NASDAQ”) in the US. The delisting is now effective. The main purpose of the delisting is to reduce complexity in financial reporting and administrative costs. Oasmia’s ordinary shares will continue to trade on Nasdaq Stockholm. Holders of ADSs that wish to continue to hold Oasmia shares in the form of ADSs do not have to take any action. Oasmia will maintain an American Depositary Receipt facility to allow investors to hold Oasmia shares in the form of ADSs, and to continue to trade those securities on the over-the-counter market. ADSs will automatically transition to the new ADR program in connection with the delisting and will be traded under a new ticker to be designated. Holders of ADSs may also choose to transition from holding ADSs to holding ordinary shares listed on Nasdaq Stockholm. Read more on Oasmia website. https://
Statkraft kjøper tysk elbilladeselskap23.8.2019 10:01:00 CEST | Pressemelding
(Teisnach/Düsseldorf/Oslo, 23. august 2019) Statkraft har kjøpt det tyske elbilladeselskapet E-WALD GmbH. Oppkjøpet styrker Statkrafts posisjon i det tyske og europeiske elbillademarkedet etter fjorårets investering i München-baserte eeMobility GmbH. E-WALD GmbH, også med base i Bayern, har en sterk posisjon innen hurtiglading og deling av elbiler. Selskapet driver rundt 300 ladestasjoner og tilbyr elbildeling av omlag hundre biler til selskaper og kommuner med totalt 7000 brukere. Oppkjøpet av E-WALD vil styrke Statkrafts posisjon i Tyskland og komplettere selskapets investering i eeMobility, som utvikler totalløsninger for lading av firmabiler. - E-WALD har et godt utgangspunkt for vekst innen elbillading i Tyskland, og vi ser frem til å bygge selskapet videre og støtte en ambisiøs vekststrategi, sier Bjørn Holsen, direktør for ny forretningsutvikling i Statkraft, Europas største produsent av fornybar energi. - Dette oppkjøpet markerer en viktig milepæl i selskapets utvikling og bekr
Statkraft acquires German EV charging company E-Wald GmbH.23.8.2019 10:01:00 CEST | Press release
(Teisnach/Düsseldorf/Oslo, 23 August 2019) Statkraft has acquired the entire shareholding of electric vehicle (EV) charging company E-WALD GmbH. The acquisition further strengthens Statkraft’s position in the German and European EV charging market after it became a majority shareholder in eeMobility in Germany last year. The EV charging company E-WALD GmbH, based in Bavaria, Germany has a strong position in fast charging and electric car sharing services. It operates around 300 charging stations and offers EV leasing services for circa 100 fleet cars to corporations and municipalities with approximately 7000 customers in total. The acquisition of E-WALD will strengthen Statkraft’s position in Germany and complements the company’s position in eeMobility, which provides a full service offering of charging solutions for company car fleets. “E-WALD is well placed for growth within fast charging in Germany and we look forward to build the company further and support its ambitious growth str
Terms for switches in inflation-linked bond SGB IL 310223.8.2019 09:30:00 CEST | Press release
The Swedish National Debt Office offers switch auctions in inflation-linked bond SGB IL 3102 with the aim of decreasing the outstanding volume to around SEK 25 billion before the bond’s time to maturity is shorter than one year. The switch auctions will be held on 20, 23 and 24 September. The offered bonds in the switch auctions are SGB IL 3112, SGB IL 3109 and SGB IL 3113. Switches versus SGB IL 3112 and SGB IL 3113 will be price risk neutral 1 while the switch versus SGB IL 3109 will be cash neutral2. Switch auctions Fri 20 September Risk neutral Mon 23 September Cash neutral Tue 24 September Risk neutral SNDO sells bond 3112 3109 3113 SNDO sells amount (SEK mn) 400 250 250 SNDO buys bond 3102 3102 3102 SNDO buys amount (SEK mn) 3 1 800 200 1 400 Time for yield on buy-back loan 10:45 10:45 10:45 Time for auction cut-off 11:00 11:00 11:00 Time for auction result 11:03 11:03 11:03 The switches were announced in the publication Central Government Borrowing – Forecast and Analysis 2019:2