INSURANCE
* Exel Ltd., an insurer that provides general liability coverage for corporations, agreed to pay about $2.1 billion in stock for the 75% of Mid Ocean Ltd. it doesn’t own, creating a company with a market value of $8 billion. Mid Ocean sells catastrophe reinsurance. Both companies are based in Bermuda.
* Stamford, Conn.-based Cendant Corp. boosted its offer for American Bankers Insurance Group Inc. 16% to $3.1 billion in an attempt to wrest the Miami-based credit insurer from rival bidder American International Group Inc. American Bankers has accepted New York-based AIG’s offer of $2.7 billion, or $58 a share, which was sweetened to match Cendant’s two weeks ago.
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