Alleghany
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium. -
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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