"Third Point has always been vocal about what they were doing and why and it concluded years back that Fairfax was built on a house of cards," Carmody said.
In a statement released after the dismissal, Third Point LLC said, "As our investors know, we have consistently taken the position that this case was a cynical attempt by Fairfax to manipulate the judicial system and to intimidate institutional investors who had legitimate concerns about Fairfax's financial position. This was a blantant case of forum shopping (for a court)."
-Karen DeMasters
Philadelphia Financial To Acquire Hartford Life Private Placement
Philadelphia Financial Group announced it will acquire the private placement insurance business of Hartford Life Private Placement LLC for $117.5 million in 2012.
Philadelphia Financial handles private placement insurance for ultra-high-net-worth clients. Hartford Life Private Placement, Florham Park, N.J., is a provider of insurance and wealth management services for consumers and businesses. It administers corporate and bank-owned life insurance, institutionally owned group annuity contracts and individual ultra-high-net-worth private placement life insurance products.
Philadelphia Financial will now service the $35 billion private placement insurance business of Hartford Life, a subsidiary of The Hartford. No changes are anticipated for the Florham Park employees and no changes are anticipated in the policy terms, investment managers, stable value agreements pricing or other client services, according to Philadelphia Financial.
Reinsurance Group of America is providing financing to Philadelphia Financial for the transaction.
"This acquisition significantly extends our market-leading, ultra-high-net-worth private placement franchise into the bank and corporate-owned arena and provides a long-term relationship with The Hartford," Philadelphia Financial CEO John K. Hillman.
-Karen DeMasters