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AM Best has placed under review with positive implications the Financial Strength Ratings (FSR) of A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa-" (Superior) for Transatlantic Reinsurance Company and its subsidiaries, as well as for Alleghany Corporation (NYSE: Y) and RSUI Indemnity Company. This action follows Berkshire Hathaway Inc.'s acquisition of Alleghany, which is likely to bolster the ratings due to Berkshire's financial resources. Three companies are affected, including Capitol Indemnity Corporation, whose ratings have also been placed under review.
Berkshire Hathaway has successfully completed its acquisition of Alleghany Corporation, with shareholders receiving $848.02 per share in cash. The total equity value of this transaction amounts to approximately $11.6 billion. Alleghany will continue to operate as a wholly-owned subsidiary under the leadership of Joe Brandon. Financial advisory was provided by Goldman Sachs, while legal services were rendered by Willkie Farr & Gallagher LLP for Alleghany and Munger, Tolles & Olson LLP for Berkshire.
Berkshire Hathaway has received all regulatory approvals for its acquisition of Alleghany Corporation, with an expected closing date of
Jack Sennott steps down as CEO, President, and Chair of CapSpecialty, effective August 31. Adam Sills, previously Head of Specialty Underwriting, is appointed as the new President and CEO. Sennott has made significant contributions during his 20-year tenure at Alleghany Corporation and CapSpecialty, enhancing the company's standing in specialty casualty and surety insurance sectors. Sills brings nearly nine years of experience within the company, highlighting an effective leadership transition.
Alleghany Corporation (NYSE:Y) announced its financial results for Q2 2022, ending June 30. The detailed financial results can be accessed on Alleghany's website and the SEC's portal. The company focuses on property and casualty reinsurance and insurance, featuring subsidiaries such as Transatlantic Holdings, RSUI Group, and CapSpecialty. Additionally, it manages a diverse portfolio through Alleghany Capital Corporation, involving eight non-financial businesses.
Alleghany Corporation (NYSE:Y) will release its financial results for Q2 2022 on August 4, 2022, after market close. Alongside, a financial supplement will be available on their website www.alleghany.com. The company operates in property and casualty reinsurance and insurance, with subsidiaries including Transatlantic Holdings and RSUI Group. Alleghany Capital supports a diverse portfolio of non-financial businesses.
Alleghany Corporation (NYSE: Y) announced that approximately 84% of its stockholders voted in favor of the merger with Berkshire Hathaway Inc. (NYSE: BRK.A; BRK.B) at a special meeting held on June 9, 2022. The acquisition, valued at $848.02 per share, is expected to close in the fourth quarter of 2022, pending regulatory approvals. The merger reflects strong stockholder support, with more than 98% of votes cast in favor. Alleghany aims to enhance its performance as part of Berkshire Hathaway, leveraging its expertise in property and casualty insurance.
Alleghany Corporation (NYSE:Y) reported its financial results for Q1 2022 ending March 31. The full-text release, along with detailed financial supplements, is available on their website and has been filed with the SEC. The company focuses on property and casualty reinsurance and insurance, with subsidiaries like Transatlantic Holdings, RSUI Group, and CapSpecialty. Additionally, Alleghany Capital Corporation manages a diverse portfolio of eight non-financial businesses. For more information, visit www.alleghany.com.
Alleghany Corporation (NYSE: Y) has concluded its 'go-shop' period related to its merger agreement with Berkshire Hathaway (NYSE: BRK.A; BRK.B) as of April 14, 2022. During this period, Alleghany reached out to 31 potential buyers but did not receive any alternative acquisition offers. Consequently, Alleghany now faces 'no-shop' restrictions that limit discussions on other acquisition proposals. The merger is expected to finalize in Q4 2022, pending necessary approvals from Alleghany's shareholders and regulatory bodies. Goldman Sachs and Willkie Farr & Gallagher are advising Alleghany on this transaction.
Alleghany Corporation (NYSE:Y) will release its first-quarter financial results for 2022 after market close on May 5, 2022. Along with this announcement, a financial supplement will be made available on the company's website, www.alleghany.com. Alleghany Corporation operates subsidiaries focusing on property and casualty reinsurance and insurance, including Transatlantic Holdings, Inc., RSUI Group, Inc., and CapSpecialty, Inc.
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