Berkshire Hathaway

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.

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.

Specialty primary business also delivered better underwriting profits, as BHSI grew 36%.

The new marine head will oversee the underwriting of BHSI’s full line of marine products in Germany.

Prior to her promotion, Janine McGriskin held the role of senior underwriter, UK financial institutions, at the carrier.

Lousie Kidd will also retain her role as head of third-party lines for BHSI Ireland.

The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.

The carrier has been rebuilding its D&O team after a number of staff left to launch new books of business.

Chris Warrior will take on additional responsibility for professional indemnity, cyber and transactional liability.

Berkshire Hathaway reduced its shareholding in Marsh McLennan by 35% during the third quarter, as the Warren Buffet-led business continued to sell down across its portfolio, an analyst note from Morgan Stanley shows.

The start-up carrier launched in FI over the summer with ex-Pembroke and Hamilton underwriters.