Leucadia National Corp. is set to buy struggling insurer Reliance Group Holdings Inc. in a stock swap valued at $293 million. The deal will result in Reliance stockholders receiving roughly 0.11 share of Leucadia common stock for each Reliance share. The transaction is expected to be tax-free to Reliance stockholders. A.M. Best Co. announced the continuation of the financial strength rating of “A-” under review with developing implications status of Reliance. DCR also announced that its ratings of Reliance and its subsidiaries remained on Rating Watch-Uncertain. The ratings on Leucadia were placed on Rating Watch-Down by DCR.
Was this article valuable?
Here are more articles you may enjoy.
Howden-Driven Talent War Has Cost Brown & Brown $23M in Revenue, CEO Says 
GEICO Settles Call-Center Worker Suits for $940,000; Attorneys Get Half 
Hot Sauce Company Sues Manufacturer Over Exploding Bottles 
Progressive Q4 Income Up 25%; CFO Sauerland to Retire in July From This Issue
