Opinion: Sirius IPO

Is there a London premium anymore?
In recent years London specialty (re)insurance stocks have
tended to trade at higher valuations than New York-listed
Bermudians, and this situation still persists, with our thinned-out
London composite trading at 1.8x book and our Bermuda cohort at
1.3x.
But the most recent Bermuda M&A deals - AIG-Validus and
Axa-XL - carried multiples that ran ahead of the 1.5x headline
multiple seen in Axis-Novae and the 1.2x Centerbridge paid for
Canopius.
And while the