Opinion: Inbetweeners

It is not only the deals generating the biggest headlines that
shed light on current M&A dynamics in the property and casualty
sector.
Next to AIG's move for Validus and the proposed Axa-XL
tie-up, White Mountains' deal to take a majority stake in
program administrator NSM likely generated little interest with
many industry observers.
After all the $368mn in cash the financial services holding
company will pay for the platform looks like small change compared
to the $5.56bn AIG will...