Berkshire Hathaway’s insurance unit, Tenecom Ltd, a subsidiary of National Indemnity, will acquire the non-life insurance assets of UK insurer Charles Taylor PLC.
Charles Taylor has begun disposing of its non-life insurance assets in order to concentrate on its life insurance business, and Tenecom Ltd will acquire the business assets of both Cardrow Insurance and Beech Hill Insurance.
financial details have been released other than that Charles Taylor will receive a final dividend from Cardrow and Beech Hill when the units are liquidated.
London-based Tenecom was originally known as Yasuda Fire And Marine Insurance of Europe, before changing its name in 2001.
© 2015 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.