Berkshire Hathaway
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The carrier is also planning to launch in Switzerland and Belgium in Q2 and Q3 respectively. -
The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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The president of BHSI’s UK and European operations outlined to this publication expansion plans for the $1bn-premium division.
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Cat losses were similar year on year, but reserve releases were higher.
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The appointment comes after the carrier promoted Janine McGriskin to lead FI in the UK.
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Berkshire’s board opposed the proposal and recommended that the shareholders vote against it.
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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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