Reinsurance News
Alleghany
Starr hires Alleghany’s Shannon as SIO as Patin resigns
6th April 2023
Starr Insurance Companies has announced that John Patin, Senior Investment Officer (SIO), has resigned from his position for personal reasons. The company has confirmed that John F. Shannon, formerly with Alleghany Corp., has been named to succeed him. Based in New York, Shannon previously served as Senior Vice President and Chief ... Read the full article
AM Best upgrades TransRe credit ratings
11th January 2023
AM Best has upgraded the credit ratings of TransRe, a reinsurance company wholly owned by Alleghany Corporation, and removed them from under review with positive implications. The reinsurer, and its subsidiaries, now hold a Financial Strength Rating (FSR) of A++ (Superior), which previously was A+ (Superior). Its Long-Term Issuer Credit Ratings ... Read the full article
Berkshire Hathaway completes Alleghany acquisition
19th October 2022
Berkshire Hathaway has officially announced the completion of its acquisition of Alleghany, having received all regulatory approvals earlier this week. It was first announced in March that Warren Buffett’s insurance and reinsurance firm had reached an agreement to acquire all of Alleghany’s outstanding shares in an $11.6 billion transaction. The deal, ... Read the full article
Berkshire’s acquisition of Alleghany to close this week after receipt of regulatory approvals
17th October 2022
All regulatory approvals relating to the proposed acquisition of Alleghany Corporation by Berkshire Hathaway have now been received. The deal is expected to complete on October 19th, 2022, subject to the satisfaction of customary closing conditions. It was first announced in March that Warren Buffett's insurance and reinsurance firm had ... Read the full article
TransRe promotes Jim Crutchley to Global Fac Leader
15th September 2022
Reinsurer TransRe, which is wholly owned by Alleghany Corporation, has appointed Jim Crutchley to the newly created role of Global Facultative Leader, reporting to Paul McKeon, President, Regional Business Units. Crutchley first joined the firm in 2015 to establish and lead the US Facultative Casualty team. Since its inception, the team ... Read the full article
Alleghany names Adam Sills President and CEO of CapSpecialty
8th August 2022
CapSpecialty, a wholly-owned subsidiary of Alleghany Corporation, has announced that Jack Sennott is stepping down from his roles as CEO, President and Chair, effective August 31. Current Head of Specialty Underwriting, Adam Sills, has been named by Alleghany to succeed Sennott as President and CEO. Sills has served as CapSpecialty’s Head of ... Read the full article
TransRe reports decrease in net premiums in Q2 results
5th August 2022
Investment holding company Alleghany Corporation has seen net premiums written for its reinsurance business TransRe decrease 9.1% in the second quarter of 2022. At the same time net premiums written for H122 decreased 5.9% compared to the same period last year, primarily related to decreases in property lines of business. Trans Re’s ... Read the full article
TransRe’s Mahoney assumes newly created COO role
2nd August 2022
Matthew Mahoney, Chief Financial Officer (CFO) of TransRe, a wholly owned subsidiary of Alleghany Corporation, is set to take on additional responsibilities as the company's first Chief Operating Officer (COO). Mahoney joined the reinsurer in 2008 from PWC's insurance practice, and has since held roles of increasing responsibility, being promoted to ... Read the full article
TransRe promotes Moser to President, Global Portfolio Management
19th July 2022
Alleghany Corporation's wholly owned reinsurance subsidiary, TransRe, has promoted Lisa Moser to President, Global Portfolio Management. Moser joined the company in 2004 as a property underwriter and has held roles of increasing responsibility. In her most recent role as the firm's first Global Property Management leader, she worked to optimise TransRe's property ... Read the full article
Alleghany gets stockholder approval for Berkshire takeover
9th June 2022
Alleghany Corporation has received approval from its stockholders for a pending acquisition by Warren Buffett’s insurance and reinsurance firm, Berkshire Hathaway. Stockholders approved transaction terms that value Alleghany at $848.02 per share of common stock in cash, with the deal representing a total equity value of approximately $11.6 billion. All told, ... Read the full article
Appetite for underwriting property cat reinsurance business tightening
1st June 2022
Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article
TransRe profits help offset Alleghany investment dip
6th May 2022
A strong underwriting performance for Alleghany, including for its TransRe reinsurance subsidiary, has helped to offset a decline in investment income for the first quarter 2022 period. Alleghany reported underwriting profits of $186.5 million for Q1, compared with just $16.7 million for the same period in 2021. This included $71.6 million of ... Read the full article
Alleghany confirms end of “go-shop” period under Berkshire merger agreement
19th April 2022
The "go-shop" period under the merger agreement between Alleghany Corporation and Berkshire Hathaway has now ended, meaning the former is now bound by customary "no-shop" restrictions under the definitive merger agreement. Under the terms of the arrangement, Alleghany and its representatives were allowed to solicit and consider alternative acquisition proposals from ... Read the full article
Alleghany asked Buffett for more, considered break-up of business units
12th April 2022
Alleghany Corporation had sought to counter Warren Buffett's acquisition offer during negotiations, seeking more than the initial $850 per share price. A proxy filing deposited with the SEC also reveals that Alleghany explored the potential break-up of its business units, to identify whether a potential sale or spin-out of one or ... Read the full article
Competing bids for Alleghany ‘unlikely’, says KBW
23rd March 2022
A battle of bids to pick up Alleghany is unlikely, says Keefe, Bruyette & Woods (KBW) in a new note. KBW’s announcement comes after Berkshire Hathaway and Alleghany jointly announced on March 21, 2022, that they had entered into a definitive agreement under which Berkshire will acquire all outstanding Alleghany ... Read the full article
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