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.
Most Are Overcharged for Property Insurance, Vanderbilt Study Says 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market 
US Efforts to End Iran War Stumble as Ship Seized Near UAE From This Issue
