December 19, 2016 / 3:58 PM / in a year

BUZZ-Allied World Assurance Co: Touches record high on takeover offer

** Shares of holding company of insurer Allied World rise as much as 13.68 pct to $52.03, touches record high

** Toronto-based insurance group Fairfax Financial Holdings Ltd to buy company for $4.9 bln in cash and stock

** Fairfax to pay Allied World shareholders $54/shr - $10 in cash and $44 in Fairfax stock

** J.P.Morgan raises PT to $54 from $52

** More than 4.1 mln shares traded, about 8.7 times their 25-day moving avg

** 5 of 9 brokerages rate the stock “hold”, 3 rate “buy” and 1 “sell”; median PT $45

** Up to Friday’s close, stock had risen about 23 pct this year

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