NEW YORK, July 5, 2016 /PRNewswire/ -- General
Reinsurance Corporation ("Gen Re"), a wholly owned subsidiary of
Berkshire Hathaway Inc. (NYSE: BRK), and Transatlantic Reinsurance
Company ("TransRe"), a wholly owned subsidiary of Alleghany
Corporation (NYSE: Y), jointly announced today that they have
entered into an initial five-year agreement for TransRe to act as
exclusive underwriting manager on behalf of Gen Re for U.S. and
Canadian property and casualty treaty reinsurance business produced
by brokers and intermediaries.
This new arrangement provides brokers and intermediaries access
to Gen Re's traditionally direct-only capacity through a new
underwriting platform fully managed by TransRe. By leveraging
TransRe's underwriting acumen, claims expertise and broker
relationships across the combined financial strength of the two
companies, the new facility will deliver enhanced solutions to the
reinsurance market including broader capacity and line size, while
providing consistency and assurance in execution.
"This arrangement between Gen Re and TransRe creates a unique
and compelling new capability in the North American broker
reinsurance market. We are combining the strengths, capacity, and
reputations of two outstanding organizations to enable improved
panel diversification and creditworthiness with one-stop seamless
service," said TransRe President and CEO Michael Sapnar.
Kara Raiguel, Gen Re President
and CEO, commented, "We are enthusiastic about partnering with
TransRe to bring Gen Re's industry-leading security to clients
through the brokered market. TransRe's proven underwriting
track record and excellent broker relationships make them the ideal
partner for Gen Re for this important long-term strategic
initiative."
The facility is expected to be available for U.S. and Canadian
broker market treaty business written on and after August 1, 2016, subject to applicable regulatory
approvals or authorizations.
Additional information regarding the agreement can be found at
www2.transre.com/in-the-news/.
About Gen Re
Gen Re, a Berkshire Hathaway Company,
is one of the leading Property/Casualty and Life/Health reinsurers
in the world, with a global network of branch and subsidiary
offices in key reinsurance markets. Gen Re is rated A++ (Superior)
and AA+ by AM Best and Standard & Poor's, respectively.
For more information, visit www.genre.com.
About TransRe
TransRe is a reinsurance organization
headquartered in New York with
operations worldwide. Since 1978, TransRe has been offering clients
the capacity, expertise and creativity necessary to structure
programs across the full spectrum of property and casualty risks.
TransRe is rated A+ and A by Standard & Poor's and AM Best,
respectively. Visit www.transre.com for additional
information. insu
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SOURCE Alleghany Corporation; TransRe; Gen Re