Berkshire Closes on Deal for 2 White Mountains’ Insurers in Runoff
Billionaire Warren Buffett’s Berkshire Hathaway Inc. owns two more insurance companies after completing a deal with White Mountains Insurance Group.
Documents filed with the Securities and Exchange Commission show the companies consummated the deal last Friday. It was announced in March.
Berkshire traded 1.6 million shares of White Mountains stock, valued at $793 million, for Commercial Casualty Insurance Co., International American Group and $708 million cash.
Berkshire retained a little over 89,000 shares of White Mountains, whose main executive office is in Hanover, N.H.
Both of the insurers Berkshire acquired are only managing existing policies until they are paid off and the companies close. They are not writing new policies.
___
On the Net:
Berkshire Hathaway Inc.: www.berkshirehathaway.com
White Mountains Insurance Group, Ltd.: www.whitemountains.com
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road