Reinsurance News
Alleghany
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
TransRe announces Brandt as new President & CEO as Sapnar departs
16th March 2021
Transatlantic Holdings, Inc. (TransRe) has announced that its President and Chief Executive Officer (CEO), Mike Sapnar, will be leaving the company to pursue another opportunity and will be succeeded by the firm's Co-President of Global Underwriting, Ken Brandt. Sapnar will remain with the company through April 30th, 2021 to assist with ... Read the full article
Joseph Brandon to succeed Weston Hicks as Alleghany CEO
4th March 2021
Weston Hicks, President and Chief Executive Officer (CEO) of Alleghany Corporation, has announced his intention to retire from his position and as a director of the company at the end of 2021. Hicks will be succeeded as CEO by Joseph Brandon, currently Executive Vice President (EVP), who will also join the ... Read the full article
TransRe fails to shake underwriting loss in Q4
24th February 2021
Alleghany Corporation has posted underwriting profit of $16.5 million in the fourth quarter of 2020, despite another period of losses for its reinsurance arm, TransRe. TransRe reported an underwriting loss of $34.6 million in Q4, which was an improvement on the $162.8 million loss it posted for the same period in ... Read the full article
$81mn Q3 underwriting loss pushes Alleghany’s CR to 105.2%
4th November 2020
Investment holding company Alleghany has produced an $81 million underwriting loss for the third quarter of 2020, pushing its combined ratio to 105.2%. The prior year quarter saw Alleghany achieve an underwriting profit of $33 million and a combined ratio of 97.6%. Underwriting losses in the quarter were driven by a $270 ... Read the full article
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