Buffet takes General Re into his fold
Article Abstract:
Berkshire Hathaway Inc. has moved to acquire General Re Corporation, adding to its investment company holdings in a deal worth $21.7 million in stocks. Stamford Connecticut-based General Re, the third largest resinsurer in the world, will add $24 billion in stock and bond investments to Berkshire's coffers, and will greatly enhance Berkshire's presence in insurance with this acquisition. General Re, which specializes in covering the risks of other insurerrs, will gain the capability to expand its coverage and its foreign operations.
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Berkshire Hathaway to buy General Re in a deal worth $21.7 million in stock
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Marsh & McLennan to buy big British insurance broker
Article Abstract:
Marsh & McLennan of New York agreed to buy London based Sedgwick Group for $2.05 billion in cash. Sedgwick brings to Marsh company expertise in maritime and energy coverage, from oil drilling rigs to the suppliers of drilling equipment. Sedgwick is the largest independent broker in Europe. The acquisition fortifies Marsh's position as the world's largest insurance broker. The deal was the latest in a struggle between Marsh and its rival, the Aon Corporation of Chicago, for worldwide dominance.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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A humbled Cendant calls off $3.1 billion American Bankers deal
Article Abstract:
Cendant Corporation withdrew from its proposed $3.1 billion acquisition of American Bankers Insurance Group (ABIG). Cendant was competing with American International Group to buy ABIG. Cendant has been plagued recently by accounting problems. ABIG will receive $400 million as a breakup fee. ABIG specializes in life insurance on credit card balances. Cendant's CEO, Henry R. Silverman, said that the acquisition was no longer strategically or financially feasible.
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Cendant Corporation withdraws from proposed $3.1 billion acquisition of American Bankers Insurance Group
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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