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Zenith National Investors Lose Bid to Halt Buyout


NormR
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I found the underlined part of this quote in the article to be very interesting... If true and FFH continues to grow BV and insurance pricing remains soft looks to me that meaningful share repurchase are likely...

 

"Watsa, referred to as the “Buffett of the North” by publications such as Forbes magazine, will take over Zenith’s assets, valued at $2.4 billion at Dec. 31, and add them to the $29.8 billion Fairfax already manages. He told Fairfax shareholders at the company’s annual meeting today the insurer doesn’t need to make any more acquisitions."

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I found the underlined part of this quote in the article to be very interesting... If true and FFH continues to grow BV and insurance pricing remains soft looks to me that meaningful share repurchase are likely...

 

"Watsa, referred to as the “Buffett of the North” by publications such as Forbes magazine, will take over Zenith’s assets, valued at $2.4 billion at Dec. 31, and add them to the $29.8 billion Fairfax already manages. He told Fairfax shareholders at the company’s annual meeting today the insurer doesn’t need to make any more acquisitions."

 

FFH's prior 20%+ buybacks were mentioned at the meeting as a tantalizing possibility.  Oh, and a $25 dividend.  ;D  (Just don't expect either real soon.)

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Well, that's good news, if for no other reason that the lawfirms involved for the plaintiffs will not receive squat.

 

Also...from the article

 

Watsa, 59, is acquiring Zenith as part of a bet on a rebound in a workers’ compensation market pressured by rising medical costs and falling payrolls.

 

Why the hell does the financial press incessantly refer to strategic moves as "bets"? It annoys me to no end.

 

-Crip

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Norm,

 

I didn't attend this year.  Who mentioned the share buybacks?  Shareholder question or Watsa response?

 

-O

I found the underlined part of this quote in the article to be very interesting... If true and FFH continues to grow BV and insurance pricing remains soft looks to me that meaningful share repurchase are likely...

 

"Watsa, referred to as the “Buffett of the North” by publications such as Forbes magazine, will take over Zenith’s assets, valued at $2.4 billion at Dec. 31, and add them to the $29.8 billion Fairfax already manages. He told Fairfax shareholders at the company’s annual meeting today the insurer doesn’t need to make any more acquisitions."

 

FFH's prior 20%+ buybacks were mentioned at the meeting as a tantalizing possibility.  Oh, and a $25 dividend.   ;D  (Just don't expect either real soon.)

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