American insurer Alleghany has bought out Transatlantic

The American reinsurer Transatlantic will eventually be taken over by New York’s insurer Alleghany for approximately 3.4 billion USD. Object of everyone’s desire, Transatlantic has already rejected merger with Allied World Assurance Company and declined takeover bids made by National Indemnity, a subsidiary of Berkshire Hathaway and by Validus, its Bermudan competitor. This transaction, the greatest of the year in the reinsurance sector, is likely to be finalized in early 2012.