Alleghany
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Buffett said Berkshire's financial strength allows its insurance subsidiaries to “follow valuable and enduring investment strategies” unavailable to competitors.
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The companies will likely “benefit from the vast financial resources and financial flexibility,” the agency said after the completion of the merger deal with Berkshire Hathaway.
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The completion of the deal comes after last week the companies received all regulatory approvals.
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Berkshire Hathaway and Alleghany have received regulatory approvals to close the $11.6bn deal announced earlier this year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Specialty Underwriting head Adam Sills is promoted to president and CEO.
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The New York-based insurance conglomerate recorded a loss ratio of 60.6%, 0.3 points down from the previous year, while its core LR improved 0.9 points to 60.8%.
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More than 98% of votes cast supported the acquisition.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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TransRe booked Q1 $35mn cat losses associated with the ongoing conflict between Russia and Ukraine.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm’s reinsurance heavy business mix, investments, and slowing value creation likely kept buyers away.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Alleghany said its representatives and financial advisers solicited alternative deals from 31 potentially interested third parties but did not receive any proposals.
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The agreement included a two business days’ notice period from March 21 and is followed by a no-shop 10-day period.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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A proxy statement yesterday also revealed that Berkshire Hathaway’s merger agreement does not demand a break fee.
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Inside P&C’s news team runs you through the key developments from the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C Research’s SOTP valuation range tops out 17% above the price, but the stock was range-bound and there were no other bidders.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The review centres on strategy, capital adequacy, and support from Berkshire, following the news of Berkshire’s planned purchase of Alleghany
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The deal serves as a reminder that the conglomerate, with its ~$140bn cash pile, could be a major consolidator in P&C.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.