Alleghany and Transatlantic Close Merger
By Meg Green | |
A.M. Best Company, Inc. |
Transatlantic is now an operating subsidiary of Alleghany, and is expected to increase Alleghany’s breadth of distribution, diversify its underwriting activities and add to its financial strength and flexibility, the company said.
The Alleghany board has been expanded to include former Transatlantic directors
In February, Sapnar said the merger with Alleghany was "the best possible outcome" of the multiple offers the company sorted through in the past year (Best's News Service,
"It was a long and painful process," Sapnar said of the five acquisition bids, which included a failed friendly acquisition attempt with
Alleghany’s specialty insurance platform and Transatlantic’s reinsurance platform, combined with a shared philosophy of underwriting discipline, will bring greater diversification of earnings, cash flow sources and business by geography, product and distribution to Alleghany,
Included in Alleghany's business is
Before the Alleghany transaction was announced, Transatlantic had been the acquisition target of five would-be buyers. Public offers ranged from about
After Transatlantic and Alleghany announced their merger plans, Validus formally ended its hostile takeover attempt.
On
On
Under terms of the agreement, Transatlantic common shares will be exchanged for per-share consideration consisting of 0.145 Alleghany common shares and
Shares of
(By
Copyright: | (c) 2012 A.M. Best Company, Inc. |
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