Aspen Insurance Holdings rejected an unsolicited takeover proposal from Endurance Specialty Holdings of $3.2bn [£1.92bn].
Endurance had offered to pay $47.50 per Aspen share with 60% coming in its own stock and 40% in cash.
The board of directors at Aspen stated that they had carefully reviewed the offer but found it was not in the best interests of the business or its shareholders.
Glyn Jones, chairman of the board, said: "Endurance's ill-conceived proposal undervalues our company,
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