Buffett deepens insurance exposure with $11.6 billion Alleghany deal

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Reuters UK

By Noor Zainab Hussain (Reuters) -Warren Buffett’s Berkshire Hathaway Inc has struck an $11.6 billion deal to buy Alleghany Corp, the owner of reinsurer TransRe, just weeks after the 91-year-old billionaire bemoaned the lack of good investment opportunities. Alleghany adds to Berkshire’s already large insurance portfolio, which includes Geico auto insurance, General Re reinsurance and a unit that insures against major and unusual risks. Founded in 1929 by railroad entrepreneurs Oris and Mantis Van Sweringen, New York-based Alleghany operates mainly in property and casualty reinsurance and insu…

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