Reinsurance News
Berkshire Hathaway
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
Berkshire (BHSI) opens office in Lyon, France
6th June 2022
Global insurer, Berkshire Hathaway Specialty Insurance (BHSI) has opened an office in Lyon, France. The opening of the new office helps the company to further expand its presence in Europe. "As we continue to grow steadily across Europe, the time is right to expand with an office and expanded team in Lyon,” ... Read the full article
Buffett’s Berkshire takes $620m stake in Markel
17th May 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, took a $620 million stake in insurance and reinsurance provider Markel Corporation as part of a raft of investments during the first quarter of 2022. Analysts at KBW estimate that the value of Berkshire's equity portfolio has fallen by about $39.0 billion ... Read the full article
Berkshire Hathaway P&C reinsurance profit soars in Q1 2022
30th April 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, had a particularly good first-quarter of 2022 in its property and casualty reinsurance business, with earnings up significantly year-on-year. In fact, the profits reported for Q1 2022 more than offset some of the loss-making other areas of Berkshire Hathaway's insurance and reinsurance ... Read the full article
Berskhire (BHSI) names Kathy Reid Head of Casualty, North America
29th April 2022
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has announced the promotion of Kathy Reid to Head of Casualty, North America. Within her new role, Reid brings more than 25 years of insurance industry experience. She has served as Senior Vice President at BHSI ... 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
Berkshire Hathaway P&C reinsurance returns to profit in 2021
26th February 2022
The property and casualty reinsurance business of Warren Buffett-run holding company Berkshire Hathaway returned to profit in 2021, delivering positive income on the back of a 95.1% combined ratio, despite the impacts of $2.1 billion of major catastrophe losses. A year ago, Berkshire Hathaway's P&C reinsurance division, which includes Gen Re, ... Read the full article
Berkshire Hathaway’s NICO invests in Ariel Re
10th January 2022
National Indemnity Company (NICO), part of Warren Buffett's insurance and reinsurance firm Berkshire Hathaway, has expanded its strategic alignment with reinsurer Ariel Re through an investment and multi-year quota share agreement. NICO has both invested in Ariel Re Convertible Notes and extended its underwriting commitment to Ariel Re's Syndicate 1910 at ... Read the full article
Berkshire Hathaway announces $1.5bn Q3 reinsurance cat hit
8th November 2021
The reinsurance business of Warren Buffet-owned holding company Berkshire Hathaway has announced $1.5 billion in catastrophe-driven losses and loss provisions for 2021's third quarter, a figure that rises the firm’s overall losses and loss adjustment expenses by $442 million against the prior year quarter. Overall 9M cat losses of $1.9 billion ... Read the full article