Shares of Legg Mason Inc (NYSE:LM) ended Friday session in red amid volatile trading. The shares closed down -0.47 points or -1.38% at $33.68 with 3.60 million shares getting traded. Post opening the session at $33.81, the shares hit an intraday low of $33.42 and an intraday high of $33.85 and the price vacillated in this range throughout the day. The company has a market cap of $3.37 billion and the numbers of outstanding shares have been calculated to be 103.60 million shares.
Legg Mason Inc (LM) on Sept. 13, 2016 reported preliminary assets under management of approximately $737.2 billion as of August 31, 2016. This month’s AUM included long-term inflows of $1.5 billion, driven by fixed income inflows of $2.1 billion and breakeven alternative flows, partially offset by equity outflows of $0.6 billion. Liquidity outflows were $21.6 billion and this month’s AUM included a negative foreign exchange impact of $0.9 billion.
Legg Mason is a global asset management firm with $737 billion in assets under management as of August 31, 2016. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (LM).
Shares of XL Group Ltd. (NYSE:XL) ended Friday session in red amid volatile trading. The shares closed down -0.41 points or -1.24% at $33.45 with 3.57 million shares getting traded. Post opening the session at $33.52, the shares hit an intraday low of $33.36 and an intraday high of $33.73 and the price vacillated in this range throughout the day. The company has a market cap of $9.31 billion and the numbers of outstanding shares have been calculated to be 274.97 million shares.
On Sept. 15, 2016 XL Catlin announced that it has entered into a definitive agreement to acquire Brooklyn Underwriting Pty Limited and Brooklyn IT Pty Limited (“Brooklyn”) from Paul Hines, their beneficial owner. Brooklyn is a market-leading underwriting agency in Australia and a Lloyd’s approved coverholder, serving brokers across the country. The acquisition will be made by an indirect wholly-owned subsidiary of XL Group Ltd (“XL”) (XL).
Operating in the Australian market for more than two decades, Brooklyn offers over a dozen specialist insurance products for SMEs, from high risk property to complex liability, encompassing tailored liability products for specific professions. Brooklyn serves over 700 brokers across Australia and it was named Underwriting Agency of the Year in the Australian & New Zealand Institute of Insurance & Finance Industry Awards for four consecutive years between 2012 and 2015.
“The acquisition of an award winning business with established market relationships aligns well with our focus on underwriting, claims and service excellence”, commented Craig Langham, XL Catlin’s Regional Chief Executive Asia Pacific, Insurance. “We look forward to further profitable growth in this important market, serving the sophisticated needs of clients and brokers in Australia.”
Robin Johnson, Country Manager of XL Catlin’s Australia insurance operations, said: “Brooklyn have built a successful business reaching across Australia and are recognized for their innovative products, broker-friendly technology and customer service. In recognition of their reputation we intend to maintain the strong Brooklyn brand.”