Might be also because ANAT has a large P&C business - about 2/3 of premiums. Pretty much all the P&C companies have done better than the life companies and trade at higher valuations. They are seen as being lower risk as most of the insurance they sell is shorter term, so they can adjust their rates faster to reflect new claims conditions, but also the new low rate investment environment.
I think lifeco's are in the sweet spot now though with better valuations plus interest rates starting to move upwards.
It appears we are paying “purchase price consists of $127.8 million in cash and the assumption of $173.4 million Subordinated HSH Participating Loan” for “Ten vessels with FMV of approximately $218 million”.
Am I missing something or are we overpaying? Can't see than NM would overpay, but I read it that way.
I emailed them and their investor relations called me back. It does seem to be a well structured deal with little risk, guaranteed ROI for doing the work. Navios also gets 20% of the upside on rates or ship sales, plus the ability to outright own the ships later. The person called it "being paid to have an option on the 10 vessels".