When its founders died, Robert Young and Allan Kirby purchased the company and focused on an acquired mutual funds business to recover from the effects of the Great Depression. The company was started in 1929 will a focus on real estate in Cleveland before entering the railroad business. Like Berkshire, in addition to operations in insurance and reinsurance, Alleghany has an extensive portfolio of investments in non-insurance companies. Berkshire’s insurance operations also include personal lines giant GEICO. Alleghany’s reinsurance and specialty operations include TransRe, RSUI and CapSpecialty. In addition to General Re, Berkshire’s reinsurance and specialty businesses include National Indemnity, Berkshire Hathaway Specialty and USLI, among others. In a statement, Berkshire CEO Buffett said he has been watching Alleghany closely for over 60 years, and that Alleghany “has many similarities to Berkshire Hathaway.” The deal is set to close in the fourth quarter after regulatory approvals and approval by Alleghany stockholders. “As part of Berkshire Hathaway, which epitomizes our long-term management philosophy, each of Alleghany’s businesses will be exceptionally well positioned to serve its clients and achieve its full potential.”Īlleghany will continue to operate as an independent entity. “This is a terrific transaction for Alleghany’s owners, businesses, customers, and employees,” said Brandon, in a statement. Buffett said he was “particularly delighted” to again work with “long-time friend” Brandon. He joined Alleghany as executive vice president in 2012 and succeeded Weston Hicks as president of Alleghany in April last year. From 2001-2008, Brandon was chair and CEO of Berkshire Hathaway’s General Re Corp. The deal brings Joseph Brandon, Alleghany’s president and CEO, back into the Berkshire family.
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