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Daily Insurance Industry News
Wednesday 22nd of May 2019
September 20, 2011

Transatlantic Re rebuffs National Indemnity offer

by Gill Montia

Story link: Transatlantic Re rebuffs National Indemnity offer

Transatlantic Re has confirmed that it has received an approach from National Indemnity Company, part of the Berkshire Hathaway group, reinstating National Indemnity’s earlier proposal to acquire Transatlantic for $52 per share, in cash.

The move follows the mutually agreed termination of a merger agreement between Transatlantic and Allied World.

However, Transatlantic estimates its book value per share at the end of the third quarter at $69 to $70, and has labelled National Indemnity’s $52 per share offer “opportunistic”.

National Indemnity made its initial approach in June, and while further talks may yet occur, none are planned.

The “merger of equals” once hoped for with Allied World was also announced in June, and its termination has cost Transatlantic a $35 million fee.

 

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