This content is from: Innovation

Alleghany Close To Transatlantic Buy

Alleghany Corp., a New York–based insurer, is set to acquire Transatlantic Holdings for about $3.4 billion.

Alleghany Corp., a New York–based insurer, is set to acquire Transatlantic Holdings (TRH) for about $3.4 billion, Bloomberg reports. Transatlantic, a former unit of American International Group helps insurance companies pool their risk for coverage. The cash-and-stock deal will value Transatlantic at about $3.7 billion, based on the company’s 61.6 million shares outstanding as of September 30.

A former Berkshire Hathaway insurance executive Joseph Brandon may join Alleghany’s management team as part of the deal, adds Reuters. Transatlantic previously rejected offers from Allied World Assurance Co. Holdings, Berkshire Hathaway and Bermuda-based rival Validus Holdings.

Click here for the story from Bloomberg.

Click here for additional coverage from Reuters.

Related Content