Berkshire Hathaway
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The multiple of 1.26x is lower than a number of recent major reinsurance transactions. -
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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Prior to her promotion, Janine McGriskin held the role of senior underwriter, UK financial institutions, at the carrier.
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Lousie Kidd will also retain her role as head of third-party lines for BHSI Ireland.
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The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
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The carrier has been rebuilding its D&O team after a number of staff left to launch new books of business.
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Chris Warrior will take on additional responsibility for professional indemnity, cyber and transactional liability.
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