M&A Deal Summary

Alleghany Acquires Underwriters Reinsurance

On July 1, 2003, Alleghany acquired insurance company Underwriters Reinsurance from Swiss Reinsurance

Acquisition Highlights
  • This is Alleghany’s 3rd transaction in the Insurance sector.
  • This is Alleghany’s 3rd transaction in the United States.
  • This is Alleghany’s 1st transaction in Georgia.

M&A Deal Summary
Date 2003-07-01
Target Underwriters Reinsurance
Sector Insurance
Buyer(s) Alleghany
Sellers(s) Swiss Reinsurance
Deal Type Divestiture

Target

Underwriters Reinsurance

Atlanta,, Georgia, United States
Underwriters Reinsurance Company is a provider of reinsurance and property, casualty, and marine insurance.

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Buyer(S) 1

Buyer

Alleghany

New York, New York, United States
Category Company
Founded 1929
Sector Insurance
Employees10,407
Revenue 12.0B USD (2021)
DESCRIPTION

Alleghany owns and manages operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghany's property and casualty subsidiaries include: Transatlantic Holdings, Inc., a global reinsurer; RSUI Group, Inc., a national underwriter of property and liability specialty insurance coverages; and CapSpecialty, Inc., an underwriter of commercial property, casualty and surety insurance coverages. Alleghany's subsidiary Alleghany Capital Corporation engages in and oversees strategic investments and acquisitions. Alleghany Corporation was founded in 1929 and is based in New York City.

DEAL STATS #
Overall 3 of 9
Sector (Insurance) 3 of 8
Type (Divestiture) 1 of 3
State (Georgia) 1 of 3
Country (United States) 3 of 9
Year (2003) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-01-09 CapSpecialty

Madison,, Wisconsin, United States

CapSpecialty, writes specialty lines of property and casualty insurance as well as fidelity and surety coverages.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-07-02 Royal Specialty Underwriting

Atlanta,, Georgia, United States

RSUI is a major underwriter of wholesale specialty insurance. Company work with insurance wholesalers to provide a wide range of insurance products, including property, casualty, professional liability and directors and officers ("D&O") liability coverage. RSUI provides insurance to thousands of companies nationwide.

Buy $115M

Seller(S) 1

SELLER

Swiss Reinsurance

Zurich, Switzerland
Category Company
Founded 1863
Sector Insurance
Employees11,622
DESCRIPTION

Swiss Reinsurance Company Ltd, generally known as Swiss Re, is a Swiss reinsurance company. It is the world’s second-largest reinsurer, after having acquired GE Insurance Solutions.

DEAL STATS #
Overall 1 of 5
Sector (Insurance) 1 of 3
Type (Divestiture) 1 of 5
State (Georgia) 1 of 1
Country (United States) 1 of 4
Year (2003) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-07-28 Life Re

Stamford, Connecticut, United States

Life Re Corp. is a reinsurance company.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-01 Sage Life Holdings of America

United States

Sage Life Holdings of America, Inc. is a provider of Insurance services.

Buy -
Mergr

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