W.R. Berkley tallies tornado damage
W.R. Berkley Corp. took a $65 million hit in the second quarter, due to claims from this past spring”™s killer spate of tornadoes in the U.S.
The Greenwich-based company sells a range of insurance products, including reinsurance purchased by other carriers as a precaution against catastrophic losses. The $65 million loss estimate, which is net of the company”™s own reinsurance policies in effect, represents $30 million more than the figure it had produced for its second quarter budget.
In the first quarter, W.R. Berkley reported $116 million in net income, estimating its exposure at $15 million to the earthquakes in Japan and New Zealand and the floods in Australia, and another $9 million for regional storms.
WSI warns of hurricane landfall
Weather Service International forecasts four severe hurricanes this year for the U.S. and says coastal homeowners and businesses should be prepared for a direct hit somewhere along the East Coast or Gulf of Mexico, which has not occurred since 2008.
Not since the Civil War-era has the U.S. coastline been spared a hurricane making landfall three consecutive years, the Massachusetts-based company says, with an atmospheric trough in the Western Atlantic in 2010 tracking multiple hurricanes out to sea.
Report: K2 mulls sale
K2 Advisors reportedly is considering a sale, with the Stamford-based company a “fund of hedge funds” investor in other hedge funds with some $10 billion in assets under management.
The Wall Street Journal reported that Washington, D.C.-based Carlyle Group is among the potential bidders for K2, following its acquisition earlier this year of AlpInvest Partners, a Dutch company that has some $40 billion invested across private equity companies. Carlyle is readying for an initial public offering of stock this year or next.
K2, which was founded in 1994 by William Douglass III and David Saunders, declined comment to the newspaper.
Danbury apartments sold
For $27.8 million, Phoenix Realty Group L.L.C. and Paredim Partners L.L.C. acquired Hillcroft at Danbury, an apartment community with about 190 units on 10 acres in Danbury.
The companies said the property is nearly fully occupied, without specifying how many units remain available.
White Plains, N.Y.-based Paredim Partners currently owns and operates more than 1,200 units in Fairfield and New Haven counties, while New York City-based PRG has invested in some 2,000 apartments in the tristate area.
The companies plan improvements to the grounds, expansion of a fitness center and covered parking among other renovations.
New tenants dock in The Anchorage
Cairn Capital Ltd. and Sidney Frank Importing Co. Inc. separately inked leases at The Anchorage, a four-story office building at 660 Steamboat Road on the Greenwich waterfront.
The companies combined for more than 4,000 square feet of space at the building, and existing tenant Withers Bergman L.L.P. took a three-year extension to its existing lease for more than 4,000 feet.
Cairn Capital is an asset management firm based in London, while liquor importer Sidney Frank has its main office in New Rochelle, N.Y.
Hartford architects build out Stamford space
Hartford-based Amenta/Emma Architects P.C. opened a Stamford office, in part to expand its corporate interiors practice and gain proximity to clients in Fairfield County and Westchester County, N.Y.
The company named Chappaqua, N.Y., resident Charles Cannizzaro as managing principal, who previously worked for Perkins Eastman.
Helmsley mansion back on market
Less than a year after it was bought for a fraction of its original asking price ”“ albeit still for $35 million ”“ the former Greenwich home of Harry and Leona Helmsley is back on the market at a reported asking price of $42.9 million.
Dunnellen Hall is on Round Hill Road in Greenwich and includes a 28-room mansion on 40 acres of land. The Helmsley estate initially listed the property for $125 million before selling it last year to a buyer whose identity remains undisclosed.
Litchfield Inn sold
The estate of James Irwin sold the Litchfield Inn, a 32-unit boutique hotel in Litchfield.
The hotel sold for more than $65,000 per room, according to Optimum Hotel Brokerage of Elkins Park, Pa., which did not immediately identify the buyer who is planning a complete renovation.
The hotel also has 4,000 square feet of ballroom facilities, a restaurant and a tavern.
Silgan to recoup $40M from scotched deal
After Graham Packaging Co. Inc. ended a planned sale to Silgan Holdings Inc. to take a $1.7 billion offer from another company, Silgan said it is entitled to a $39.5 million termination fee.
Stamford-based Silgan makes containers and caps for various household products, while York, Pa.-based Graham Packaging makes plastic bottles for a wide-range of consumer products companies. Graham is being acquired by New Zealand-based Reynolds Group Holdings Inc., whose principal Graeme Hunt earlier this year bought out Honeywell”™s auto products group in Danbury, establishing it as an independent company.
Bank foundation awards grants
The First County Bank Foundation awarded more than $125,000 to a dozen Stamford-area nonprofits that focus on housing, economic development and community support.
Established 10 years ago, the organization has disbursed $4 million in funds across some 425 grants, with recipients most recently including the Boys and Girls Club of Stamford, Domus and Ferguson Library.
Organizations in Darien, Greenwich, New Canaan, Norwalk and Westport are also eligible to apply for grants.
FAA re-ups with Passur
For $2.9 million, the Federal Aviation Administration extended its contract with Passur Aerospace Inc., which furnishes data on flight arrivals and departures.
Passur analyzes signals from passive radar systems, those that deduce aircraft positions from commercial broadcast signals that echo off their fuselages. The company provides updated information less than every five seconds.
The FAA shares Passur data with the Transportation Security Administration.
