Buffett does $11.6 bln mini-me deal because he can - johnsfoley -
Berkshire Hathaway on March 21 said it had agreed to buy insurance conglomerate Alleghany for $848.02 a share, equivalent to $11.6 billion.
Warren Buffett, Berkshire Hathaway’s chairman and chief executive officer, said he had “closely observed” Alleghany for 60 years. Alleghany Chief Executive Joe Brandon previously ran General Re, a Berkshire Hathaway subsidiary. Alleghany owns reinsurer Transatlantic, or TransRe, and commercial insurer RSUI. The group reported an 8.3% increase in book value over 2021, and earnings of more than $1 billion for the first time in its history.Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018.
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