New York-based global specialty insurer Alleghany Corporation said its investment management unit acquired a majority stake in manufacturing firm Bourn & Koch. Terms of the transaction were not disclosed.
Alleghany, in addition to its core P/C insurance business, invests in various subsidiaries through its Alleghany Capital Corporation division. Alleghany Capital Corporation’s current investments include: Stranded Oil Resources Corp., an exploration and production company focused on enhanced oil recovery; ORX Exploration, a regional oil and gas exploration and production company; Homesite Group Inc., a national, full-service, mono-line provider of homeowners insurance; and Article One Partners, the world’s largest patent research community.
Bourn & Koch is a privately-held manufacturer and remanufacturer/retrofitter of precision machine tools and supplier of replacement parts for 27 different product lines headquartered in Rockford, Ill.
Notably, Alleghany is also the parent company of reinsurer Transatlantic Holdings. The widely publicized Transatlantic acquisition deal, which was first announced on Nov. 20, 2011, was valued at $3.4 billion. That acquisition was completed in March.
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