Navigators to Acquire Belgian Specialty Insurer
STAMFORD, CT, December 18, 2017 - The Navigators Group, Inc. (NASDAQ:NAVG) today announced that it has entered into a share purchase agreement for the purchase of all of the shares of Assurances Continentales - Continentale Verzekeringen NV ("ASCO") and Bracht, Deckers & Mackelbert NV ("BDM"). ASCO and BDM are both based in Antwerp, Belgium.
The proposed acquisition is part of Navigators' strategy of expanding its well-established specialty insurance expertise to more brokers and insureds across Europe. ASCO is a specialty insurance company offering marine and property and casualty insurance. BDM is an insurance underwriting agency that underwrites risk coverage in niche markets on behalf of ASCO and a number of major international insurers. Additionally, as part of the transaction, Navigators will acquire all the shares of Canal Re SA, a Luxembourg reinsurance company that is a wholly-owned subsidiary of ASCO. The acquisition reinforces Navigators' presence in the European Union's single market, enabling Navigators to best serve its European clients after Brexit, and also provides opportunity for BDM and ASCO to take their well-established expertise to a wider European audience.
"We are delighted to announce the proposed acquisition of ASCO and BDM. Europe is an important market to us today and vital to our international growth strategy-this transaction is an important step to enhancing our presence in and relevance to this dynamic market. BDM has a strong reputation, a rich history and a well-established culture of underwriting expertise that mirrors our own. Together with ASCO, they provide Navigators with a scalable platform to support our product lines and geographic expansion across continental Europe," said Stanley A. Galanski, President and Chief Executive Officer of Navigators. "We intend to combine our existing European underwriting operations with those of BDM, with Antwerp serving as the hub for continental Europe after the closing of the transaction. We believe the combination provides a wonderful opportunity for the employees and significantly enhances the growth potential of both organizations."
"We are excited and look forward to becoming part of Navigators," said Jos Gielen, Chief Executive Officer of ASCO and BDM. "As specialty underwriters, we share a common culture and a common vision for the future. Our combined operations will be well positioned for growth by enhancing our product and service capabilities in our chosen specialties."
As aggregate consideration for the acquisition of ASCO and BDM, Navigators will pay EUR 35 million in cash at the closing of the transaction. The transaction is subject to the satisfaction or waiver of customary closing conditions, including among other things, the receipt of regulatory approval, and is anticipated to close in the first half of 2018. 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 ASCO and BDM
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 and fulfills certain operational services for the account of ASCO. 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.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
ADC Therapeutics Announces First Patient Dosed in Phase I Clinical Trial of ADCT-601 in Advanced Solid Tumors16.1.2019 07:00 | Pressemelding
Pyrrolobenzodiazepine-based antibody drug conjugate targets AXL, a receptor tyrosine kinase highly expressed in solid tumors LAUSANNE, Switzerland, Jan. 16, 2019 (GLOBE NEWSWIRE) -- ADC Therapeutics, an oncology drug discovery and development company that specializes in the development of proprietary antibody drug conjugates (ADCs), today announced that the first patient has been dosed in its Phase I clinical trial evaluating the safety, tolerability, pharmacokinetics and anti-tumor activity of ADCT-601 in patients with selected solid tumors that are locally advanced or metastatic. ADCT-601 is an ADC composed of a humanized monoclonal antibody against human AXL, conjugated using GlycoConnect™ site specific conjugation technology to a pyrrolobenzodiazepine (PBD) dimer toxin. In preclinical studies, ADCT-601 demonstrated potent and specific in vitro and in vivo anti-tumor activity in multiple cancer-derived models with different levels of AXL expression, and was stable and well tolerated
GSA Europe’s Managing Director Elected Co-lead of CEN’s TC456 Committee15.1.2019 21:12 | Pressemelding
SAN GWANN, Malta, Jan. 15, 2019 (GLOBE NEWSWIRE) -- GSA Europe’s Managing Director Mark Pace has been elected by the Comité Européen de Normalisation (CEN) to lead the creation of a European Union online gaming reporting standard. CEN has established Technical Committee 456 to create this standard in support of online gambling supervision. GSA Europe joined Technical Committee 456 as a Liaison Organization in 2017. The Technical Committee’s mandate from the European Commission is directly aligned with work that GSA Europe has already started, namely, to create a single standard set of data elements and single standard way in which data is provided by online gambling providers to EU Member State regulatory authorities. In addition to joining and now leading the Technical Committee’s work, GSA Europe also donated their draft Regulatory Data Set and Regulatory Reporting Interface to CEN seeking to help jump-start the Committee’s work. “Joining CEN’s TC456 as a Liaison Organization, and no
Orion Biotechnology Reports Positive Results for Colorectal Cancer in Preclinical Study15.1.2019 15:00 | Pressemelding
OTTAWA, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Orion Biotechnology Canada Ltd., a developer of novel medical treatments, today announced preclinical data produced in collaboration with Charles River Laboratories, evaluating the efficacy of OB-002O (5P12-RANTES) in colorectal cancer. BALB/c mice were inoculated subcutaneously with the CT-26 colorectal cancer cell line. Three days after inoculation intraperitoneal treatment was started with OB-002O, a murine anti-PD-1 antibody, OB-002 + anti-PD-1, or saline placebo. Treatment was given daily or every third day. Treatment with OB-0020 alone led to statistically significant delayed tumor growth at multiple time-points. An even more profound effect on the decrease in mean tumor volume was observed in combination cohort where animals received both, OB-0020 and the anti-PD-1 antibody (p>0.05). “There is growing awareness of the role of CCR5 antagonism as an important component of cancer immunotherapy. OB-002O is an extremely potent CCR5 antagonist
Credit Suisse Partners with CGAP on Digital Finance to Catalyze Delivery of Energy, Water and other Services to Low Income People15.1.2019 14:08 | Pressemelding
Washington/Zurich, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Credit Suisse, one of the world's leading financial services providers, is partnering with the Consultative Group to Assist the Poor (CGAP) to support its work in building inclusive and responsible financial systems that help people move out of poverty, protect their economic gains and advance the broader global development agenda. CGAP is a global partnership of more than 30 leading development agencies, private foundations and national governments committed to financial inclusion as a means toward expanding opportunities for poor people. Through their engagement, CGAP and Credit Suisse will capitalize upon and leverage each other’s knowledge to further financial inclusion and its contribution toward achieving the United Nations’ Sustainable Development Goals (SDGs). Among the projects that align well with Credit Suisse’s expertise are CGAP’s work on sustainable business models that use digital finance technologies to lower the cost
TrueCommerce Recognized as a Leader in IDC MarketScape for Worldwide Multi-Enterprise Supply Chain Commerce Network15.1.2019 14:00 | Pressemelding
-- “The vendor offers a true partnership for their customers and has become an extension of their internal staff and resources to manage their supply chains,” says the report -- PITTSBURGH, Jan. 15, 2019 (GLOBE NEWSWIRE) -- TrueCommerce, a global provider of trading partner connectivity, integration and unified commerce solutions , has announced today it was positioned in the Leaders category of the IDC MarketScape for Worldwide Multi-Enterprise Supply Chain Commerce Network report. The research states that TrueCommerce offers a broad set of supply chain applications that extend far beyond traditional data transportation. “Our investments into the cutting-edge unified commerce technology and customer care allowed the company to make this qualitative leap, and we are proud to be recognized by such a reputable global research firm as IDC,” said TrueCommerce president Ross Elliott. “The report advises companies to engage with a network vendor that is at least thinking about what tomorrow
UnionBank Launches First Fully Digital Branch in the Philippines15.1.2019 13:30 | Pressemelding
Appian Cloud Platform Enables Low-Code Rapid Application Development for Powerful Process Automation RESTON, Va. and SYDNEY, Australia , Jan. 15, 2019 (GLOBE NEWSWIRE) -- Appian (NASDAQ: APPN) announces that UnionBank of the Philippines used the Appian Platform to launch its first fully digital branch. The branch, called The Ark, completely transforms the customer experience, making that experience entirely digital, including internet-connected self-service kiosks and virtual reality boxes. Unlike traditional bank branches, The Ark has done away with rows of tellers and long queues, and gone completely paperless. Customers now go to one of the self-service iPad stands stationed around the bank, where they can type in their request, significantly reducing time previously spent waiting in queues for service. “The Ark is an award-winning digital branch that provides a modern experience for our clients within a traditional brick and mortar store,” said Anna Maria Aboitiz Delgado, Head for