Tag: Alleghany

Categories
Insurance

Berkshire’s TransRe Announces Major Change In Executive Leadership

(BRK.A), (BRK.B)

On May 1, 2023, TransRe will experience a major leadership transition as Executive Vice Chairman, Paul Bonny, retires after 41 years with the company. Bonny founded the company’s International division when he opened the London office in 1982. Over the years, he has built a team of almost 200 professionals in eleven offices across eight time zones and played a pivotal role in creating the global reinsurance brand that TransRe is today.

Despite his retirement, Bonny will remain a valuable asset to the company in his ongoing role as a non-Executive Director of TransRe. His contributions have not gone unnoticed, with Ken Brandt, CEO of TransRe, acknowledging Bonny’s significant impact on the company and the wider international markets.

Brandt said, “Paul has been an institution both at TransRe and across the London and international markets throughout my reinsurance career. For the past seventeen years, I have been able to call on his advice and counsel, and I have been lucky enough to call him my friend. I wish Paul and Sue a long and healthy retirement together.”

TransRe, founded in 1977, is the brand name for Transatlantic Holdings, Inc. and its subsidiaries, including the Transatlantic Reinsurance Company. The company is a wholly owned subsidiary of Alleghany Corporation, which was recently acquired by Berkshire Hathaway.

With Bonny’s legacy intact and a new era of leadership on the horizon, TransRe is poised to continue its success in the reinsurance industry.

© 2023 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 a 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.

Categories
Acquisitions

Berkshire Hathaway Acquires Alleghany Corporation

(BRK.A), (BRK.B)

Berkshire Hathaway and Alleghany Corporation have announced the completion of Berkshire Hathaway’s acquisition of Alleghany.

Holders of Alleghany common stock as of immediately prior to the closing of the transaction are entitled to receive $848.02 per share in cash, representing a total equity value of approximately $11.6 billion.

Upon the closing of the transaction, Alleghany became a wholly-owned subsidiary of Berkshire Hathaway. Alleghany continues to be led by Joe Brandon.

Founded in 1929 by Oris and Mantis Van Sweringen as five railroad systems, the company eventually evolved into a holding company that owns and supports certain operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. The company’s primary sources of revenues and earnings are from reinsurance and insurance operations and investments. The insurers include: Transatlantic Holdings, Inc., RSUI Group, Inc., a leading underwriter of wholesale specialty insurance based in Atlanta, Georgia, and CapSpecialty, Inc., an underwriter of a full inventory of specialty lines, including commercial property, casualty, fidelity, surety and professional lines with a focus on small business on both an admitted and non-admitted basis.

Alleghany also generate revenues and earnings from a diverse portfolio of non-financial businesses that are owned and managed through its wholly-owned subsidiary Alleghany Capital.

© 2022 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 a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is

Categories
Acquisitions

Berkshire Hathaway and Alleghany Receive Regulatory Approvals for Merger

(BRK.A), (BRK.B)

Berkshire Hathaway and Alleghany Corporation have announced that all regulatory approvals relating to the proposed acquisition of Alleghany by Berkshire Hathaway have been received.

As previously announced, the stockholders of Alleghany voted to approve and adopt the Agreement and Plan of Merger, dated as of March 20, 2022, at a special meeting held on June 9, 2022. The completion of the proposed transaction is currently expected to occur on October 19, 2022, subject to the satisfaction of customary closing conditions.

Berkshire Hathaway will acquire all outstanding Alleghany shares for $848.02 per share in cash.

Founded in 1929 by Oris and Mantis Van Sweringen as five railroad systems, Alleghany eventually evolved into a holding company that owns and supports certain operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. The company’s primary sources of revenues and earnings are from reinsurance and insurance operations and investments. The insurers include: Transatlantic Holdings, Inc., RSUI Group, Inc., a leading underwriter of wholesale specialty insurance based in Atlanta, Georgia, and CapSpecialty, Inc., an underwriter of a full inventory of specialty lines, including commercial property, casualty, fidelity, surety and professional lines with a focus on small business on both an admitted and non-admitted basis.

Alleghany also generate revenues and earnings from a diverse portfolio of non-financial businesses that are owned and managed through its wholly-owned subsidiary Alleghany Capital.

© 2022 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 a 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.