Berkshire Closes on Deal for 2 White Mountains' Insurers in Runoff
Billionaire Warren Buffett's Berkshire Hathaway Inc. owns two more insurance companies after completing a deal with White Mountains Insurance Group.
Documents filed with the Securities and Exchange Commission show the companies consummated the deal last Friday. It was announced in March.
Berkshire traded 1.6 million shares of White Mountains stock, valued at $793 million, for Commercial Casualty Insurance Co., International American Group and $708 million cash.
Berkshire retained a little over 89,000 shares of White Mountains, whose main executive office is in Hanover, N.H.
Both of the insurers Berkshire acquired are only managing existing policies until they are paid off and the companies close. They are not writing new policies.
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On the Net:
Berkshire Hathaway Inc.: www.berkshirehathaway.com
White Mountains Insurance Group, Ltd.: www.whitemountains.com
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