glider3834

https://www.eurazeo.com/en/newsroom/press-releases/eurazeo-enters-exclusive-discussions-consortium-led-la-financiere-de 'The transaction remains subject to the approval of the relevant authorities and to various requirements, such as documentary conditions, and is expected to be finalised in spring 2025.' https://www.bnnbloomberg.ca/business/company-news/2024/12/11/hermes-family-in-talks-to-invest-in-french-insurer-albingia/

yes I think thats likely reason as well subject to official confirmation from FIH - see clause below https://www.fairfaxindia.ca/wp-content/uploads/Corporate-By-laws.pdf - at Dec'23 they had invested $903M cash (or 23.6% of FV of total assets $3822M) for 64% of BIAL - this next $255M should take them over 25% threshold

They are also trying to create more separation bw Ki and Brit which is interesting - Ki have hired new CFO, new HR Director, new Gen Counsel https://www.insuranceinsider.com/article/2dp3nldeatj2g1rym7ncw/london-market/ki-moves-to-carve-out-greater-separation-from-brit https://ki-insurance.com/news/https://ki-insurance.com/news/

Ki https://ki-insurance.com/news/future-of-ai-in-underwriting Seaspan https://www.seatrade-maritime.com/ship-management/seaspan-and-one-ship-management-jv-a-natural-progression Grivalia https://news.gtp.gr/2024/06/26/op-ed-the-incentive-for-investments-in-greece-has-never-been-stronger-george-chryssikos-grivalia-hospitality/

as I understand Meadow is a consolidated sub - Fairfax (via FF Meadow Bidco) bought controlling interest in Swan Topco from Exponent and Swan Topco is the controlling shareholder of underlying Meadow Foods business

viking assuming no changes since Dec-23, I suspect Fairfax may be carrying their AGT equity interest at nil - see Odyssey AR 2023 below

I noticed this line in the AR which possibly relates to this

I believe Preferred divs are not deductible while interest on notes should be, so after tax cost likely cheaper with notes.

I think this is Seaspan ULC rather than Seaspan Corp

https://www.artemis.bm/news/hurricane-milton-losses-likely-below-a-5-cat-bond-market-impact-icosa-investments/ https://www.artemis.bm/news/hurricane-milton-cat-3-landfall-in-sarasota-worst-case-tampa-loss-scenarios-avoided/

viking yes I would expect so - a gain on consolidation - similar to Gulf Insurance transaction in the sense we are moving from equity associate to controlled sub, but we will need to wait for official confirmation from Fairfax to determine the amount of any potential consolidation gain here with Peak deal.

looks like Moodys insured loss estimate still to come 'In terms of insured losses, Moody’s says it remains too early to put a precise cost on the storm, but the Moody’s RMS Event Response team will be releasing an estimate in the coming weeks.' It looks like Gallagher re have upped their estimate for insured loss range to mid to high single digit billions https://www.artemis.bm/news/hurricane-helene-private-insurance-loss-seen-mid-to-high-single-digit-billions-bowen-gallagher-re/ & made these comments 'The overall economic loss is going to be well beyond $10 billion. Very limited flood insurance take-up in far inland areas is going to mean a large portion of damage will be uninsured. NFIP coverage limits (Residential: $250k structure / $100k contents + Commercial: $500k structure / $500k contents) will in many cases mean properties will not be fully insured against incurred damage. The gap between the overall direct economic cost and the portion covered by private / public insurance for Helene will be sizeable; similar to other historical flood-driven hurricane events.'

not sure if any salient commentary in here on Seaspan - it has a paywall https://www.tradewindsnews.com/containers/inside-seaspan-understanding-major-newbuilding-investments-and-what-comes-next/2-1-1708114

Hellenic share price now up to 3.84 euros which is closer to TBV - not sure what Eurobank is going to do from here with remaining minority shareholders - Eurobank stake in Hellenic has more than doubled from their cost base - mkt value ~0.89B euro (~US$1B)