Markel-Allied breakdown points to deal blockers

Although precise details of curtailed M&A talks between
Markel and Allied World are being closely guarded, the discussions
again highlight the logic of further consolidation in a fragmented
industry with a challenging operating outlook.
And after a hiatus of major transactions through the first three
quarters of 2016, banking sources have suggested a resumption of
interest in major M&A deals that could break the deadlock.
However, the mismatch between future earnings potential and
valuat