The three-way bidding war for reinsurer Transatlantic Holdings grew more complicated Thursday as hostile suitor Validus Holdings sued the company, but also offered to open its own books for review. The dual moves were designed to raise the pressure on …
Warren Buffett’s conglomerate Berkshire Hathaway Inc. reported a larger second-quarter profit Friday, as favorable investment results and strength in the rail and manufacturing businesses offset another underwriting loss in insurance. The 80-year-old “Oracle of Omaha” warned in April the insurance …
A unit of Warren Buffett’s Berkshire Hathaway Inc. made a $3.24 billion buyout offer for Transatlantic Holdings Inc., topping two existing rival bids for the reinsurer. Transatlantic’s board said on Sunday it would “carefully consider and evaluate” the $52-per-share offer …
Investor Warren Buffett has donated another $1.78 billion to several charities, with the bulk going to the Bill & Melinda Gates Foundation, as part of his plan begun in 2006 to donate 99 percent of his wealth. According to a …
Warren Buffett’s Berkshire Hathaway Inc. has joined the group bidding for Citigroup Inc.’s consumer lending unit, the Wall Street Journal said Wednesday, citing people familiar with the matter. Berkshire has joined the consortium consisting of private-equity investment firm Centerbridge Capital …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and issuer credit ratings (ICR) of “aaa” of Government Employees Group (GEICO) and its property/casualty members. Best also affirmed the ICR of “aaa” as well as the …
A German insurance company says it organized an orgy with prostitutes in a renowned Hungarian spa to reward its best salesmen. A spokesman for Ergo insurance said one of its subsidiaries had organized the party in Budapest’s art nouveau Gellert …
A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a” of North American Casualty Group (NAC) and its members, California Insurance Company, and Continental Indemnity Company, which operate under a pooling arrangement. Best also affirmed NAC’s …
Aside from maybe the odd cheeseburger stain on his tie, nothing much sticks to Warren Buffett. Whether his underlings are convicted of helping insurance companies inflate results or a major company he helps oversee is sanctioned for accounting shenanigans, his …
The man widely seen as the leading successor to Warren Buffett at Berkshire Hathaway has resigned after buying shares in chemical company Lubrizol Corp. before pushing Buffett to acquire it. David Sokol’s resignation is a reputational blow for Buffett, the …
