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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. -
The MGA was launched in 2017 and wrote $350mn of premium in 2021, the same year it announced the approval for a Lloyd’s syndicate.
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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 company’s stock is trading just below Berkshire’s offer of $848.02 per share.
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A potential merger of the two firms was originally reported on in late 2019.
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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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The deal, due to complete next February, will create one of the largest mutual marine insurers in the world.
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It is understood that discussions to transfer the ownership of the business to sister company HDI Global Specialty have been called off.
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As part of the deal, all staff working for the managing agent will join Mosaic, while SiriusPoint will become a strategic investor in the carrier.
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As part of the changes, Chris Evans has been promoted to deputy CEO, a new position.
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The US intermediary said it would pay roughly $2.5bn for the trio of acquisitions.
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