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.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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Berkshire Hathaway has agreed to buy the TransRe owner in an all-cash deal worth $11.6bn.
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The company’s stock is trading just below Berkshire’s offer of $848.02 per share.
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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 deal values the TransRe owner at 1.26 times book value as of December 31, 2021, and represents a 29% premium on its stock price.
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The overall combined ratio for (re)insurance operations narrowed by 9.9 points to 89%, driven by lower cat losses.
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Outgoing Alleghany president and CEO Weston inks a deal for $50,000-a-month consulting deal to last through 2022.
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In a letter to shareholders, the CEO said underpriced property risks are mostly in the reinsurance industry.
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The Alleghany-owned reinsurer’s combined ratio weakened by 14.3 points on higher cat losses.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
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“We think hard about culture in all of our companies, and that is our main competitive advantage,” the outgoing CEO said on a podcast.
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