Reinsurance News

Alleghany

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

Moody’s considers Alleghany upgrade on Berkshire takeover

23rd March 2022

Moody’s has placed its ratings for Alleghany Corporation under review for upgrade following the announcement that Berkshire Hathaway will acquire all outstanding Alleghany shares for approximately $11.6 billion in cash. The rating agency is considering an upgrade for the Baa1 senior debt rating of Alleghany, as will as for the ... Read the full article

Alleghany could benefit over time from Berkshire Hathaway acquisition: AM Best

22nd March 2022

The merger between Alleghany and Berkshire Hathaway could see the former benefitting from the latter’s financial resources and flexibility, says AM Best. The ratings agency has released a new note saying that while the merger may not result in any immediate changes to Alleghany’s credit ratings, it and its affiliates could ... Read the full article

Alleghany a “perfect fit” for Berkshire Hathaway: ALIRT’s Paul

21st March 2022

David Paul, Principal at ALIRT Insurance Research, has argued that Alleghany Corporation is a “perfect fit” for the “growing insurance empire” of Warren Buffett’s Berkshire Hathaway. His comments follow news from earlier today when Berkshire Hathaway announced that it had acquired all outstanding Alleghany shares in an $11.6 billion transaction. The ... Read the full article

Berkshire Hathaway to acquire Alleghany for $11.6bn

21st March 2022

Warren Buffett's insurance and reinsurance firm, Berkshire Hathaway, has reached an agreement to acquire all of the outstanding shares of Alleghany Corporation in an $11.6 billion transaction. A definitive agreement between the pair sees Berkshire acquire all outstanding Alleghany shares for $848.02 in cash. The deal has been unanimously approved by both ... Read the full article

TransRe profits recover in 2021, boost Alleghany result

24th February 2022

Investment holding company Alleghany Corporation saw earnings shoot up from $157.6 million in 2020 to $1,412.7 last year, helped in part by a recovery in the performance of its reinsurance operating subsidiary, TransRe. TransRe reported underwriting profit of $28.8 million for the year and $131.6 million for Q4, after incurring losses ... Read the full article

Alleghany completes CEO transition

5th January 2022

Alleghany Corporation announced that its President, Joseph Brandon, has assumed the additional role of Chief Executive Officer and was appointed to the Board of Directors. Brandon joined Alleghany as Executive Vice President in March 2012 and has served as President since April 2021. Prior to Alleghany, he served as Chairman and CEO ... Read the full article

Alleghany reports $200mn Q3 underwriting loss, TransRe CR hits 116%

5th November 2021

Alleghany Corporation, parent company of TransRe, has reported an underwriting loss of $200 million for the third quarter, following a prior year period loss of $81 million. The firm’s combined ratio rose to 110.8%, having previously been reported at 105.2% in Q3 2020. Net premiums written increased 21.1%, with reinsurance (TransRe) up ... Read the full article

Alleghany adds Chris Cheesman to Board of Directors

23rd September 2021

Investment holding company Alleghany Corporation has elected Chris Cheesman as a new independent director to its Board of Directors, increasing the size from eight to nine directors. Cheesman is a member of the Board of Directors of American Century Investments' suite of equity mutual funds. She is an accomplished senior executive with ... Read the full article

TransRe’s solid underwriting performance boosts Alleghany in 2021

6th August 2021

Alleghany Corporation has reported a return to underwriting profitability across its business for the second quarter of 2021, driven by a strong year-on-year turnaround in the performance of its reinsurance operation, TransRe. Overall, Alleghany has announced underwriting profit of $174 million for Q2 2021 and a combined ratio of 90.2%, compared ... Read the full article

TransRe adjusts underwriting structure with key promotions

13th July 2021

TransRe, the New York headquartered reinsurer wholly owned by Alleghany Corporation, has altered its underwriting structure and made a number of key promotions. The changes come as the firm looks to sharpen its portfolio analysis and consistency, while maintaining client and broker relationships. Firstly, Paul McKeon has been promoted to President, Regional ... Read the full article

TransRe’s combined ratio strengthens on lower cat & COVID losses

7th May 2021

Alleghany Corporation has reported a combined ratio of 99% for the first quarter of 2021 against 101.7% for the prior year period, helped in part by a $5 million underwriting gain at TransRe despite the impacts of winter storms in the U.S. and the pandemic. Overall, Alleghany has announced total revenue ... Read the full article