Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 19th of April 2018
August 8, 2011

Transatlantic confirms Berkshire Hathaway bid

by Gill Montia

Story link: Transatlantic confirms Berkshire Hathaway bid

New-York headquartered Transatlantic Holdings, Inc (TRH) has confirmed that it has received a takeover bid from National Indemnity Company, part of the Berkshire Hathaway group, at $52.00 per share.

The offer is subject to a formal response by close of business today and a break fee of $75 million applies, should the deal not complete by the end of the year for any reason under TRH’s control.

The group’s subsidiaries, Transatlantic Reinsurance, Trans Re Zurich Reinsurance and Putnam Reinsurance, offer reinsurance capacity on both a treaty and facultative basis, with an emphasis on specialty risks.

TRH’s share price stood at $45.24 at close of trading on Friday.

 

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