Berkshire Hathaway
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Berkshire’s board opposed the proposal and recommended that the shareholders vote against it. -
Chubb has also received demands from shareholders for more information on its climate-related policies.
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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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If you only read a handful of articles this week, make it the selection below.
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Unlike deals like Axa-XL or Catlin-XL before it, this transaction is expected to be much more neutral in its impact on reinsurers.
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The multiple of 1.26x is lower than a number of recent major reinsurance transactions.
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The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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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 deal values the TransRe owner at 1.26 times book value as of 31 December 2021, and represents a 29% premium on its stock price.
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Specialty primary business also delivered better underwriting profits, as BHSI grew 36%.
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The new marine head will oversee the underwriting of BHSI’s full line of marine products in Germany.
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