On Wednesday, Shares of HCC Insurance Holdings Inc. (NYSE:HCC), skyrocketed 36.44% to $77.35, hitting its highest level.
Tokio Marine Holdings, Inc. (TMHD) and HCC Insurance Holdings, declared that they have reached a definitive agreement under which TMHD will acquire all outstanding shares of HCC, a U.S. insurance holding company comprising property & casualty, accident & health and other specialty insurance businesses, for $78.00 in cash per share, through TMHD’s wholly owned partner, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). The acquisition price of $78.00 per share represents a 35.8% premium to HCC’s average share price over the past one month and a 37.6% premium to the share price as of close of business on June 9, 2015. The total transaction value is about $7.5 billion, and the transaction is predictable to close in the fourth quarter of 2015.
The acquisition of HCC significantly enhances Tokio Marine’s operations in the United States, the largest insurance market in the world, and internationally. With strong business platforms in Japan and in international markets, the transaction solidifies Tokio Marine’s standing as a truly global insurer with premier specialty franchises. The transaction further expands Tokio Marine’s product offerings and capabilities with market leading positions in new lines of business counting Accident & Health (A&H), Directors’ & Officers’ liability (D&O), agriculture and other specialty lines globally.
HCC Insurance Holdings, Inc. underwrites non-correlated specialty insurance products worldwide. The company operates in five segments: U.S. Property & Casualty, Professional Liability, Accident & Health, U.S. Surety & Credit, and International.
Shares of Broadcom Corp. (NASDAQ:BRCM), inclined 1.29% to $54.24, during its last trading session.
Broadcom Corporation, declared the addition of two NetXtreme Gigabit Ethernet (GbE) adapter cards to its distribution channel portfolio. With more than 600 million Ethernet controllers shipped to date, the availability of Broadcom’s field-proven NetXtreme technology through Avnet’s vast distribution channel will further drive market-leading features and capabilities into the data center.
Formerly accessible only to Original Equipment Manufacturers (OEMs), the dual-port and quad-port Ethernet adapter cards provide value-added resellers (VARs), systems integrators and direct market resellers (DMRs) with a highly integrated, low power, energy efficient platform optimized to meet current and next-generation data-center requirements. Ideal for high-transaction environments requiring greater small packet performance, the NetXtreme GbE adapter cards provide full line-rate performance across all ports, and reduce adapter power consumption.
The NetXtreme GbE adapter cards leverage Broadcom’s rich Ethernet intellectual property vault in switches and physical layer transceivers (PHYs) to ensure end-to-end interoperability and robustness of both hardware and software across the entire data center.
Broadcom Corporation provides semiconductor solutions for wired and wireless communications. Its products offer voice, video, data, and multimedia connectivity in the home, office, and mobile environments. The company operates in two segments: Broadband and Connectivity, and Infrastructure and Networking.
Finally, NorthStar Realty Finance Corp. (NYSE:NRF), ended its last trade with 0.06% gain, and closed at $17, as financial stocks finished broadly higher Wednesday, with the NYSE Financial Sector Index jumping 1.6% and the S&P Financial 100 Index climbing over 1.4%.
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty has declared a plan to spin-off its European real estate business into a separate publicly-traded REIT.
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