October 18, 2006
Converium AG announces agreement to sell its North American operations to National Indemnity Company, a Berkshire Hathaway company, for $295 million in cash and assumption of debt.
On October 17, Willkie client Swiss reinsurer Converium AG announced that it has signed a definitive agreement to sell its North American operations to National Indemnity Company, a Berkshire Hathaway company, for $295 million in cash and assumption of debt. The transaction will allow Converium to focus on its strategy of building markets outside the United States. Converium is an independent international multi-line reinsurer with about 600 employees in 18 offices around the world. The deal was handled by partners Gregory Astrachan and Richard Reinhold, and associates Jonathan Gatsik and Christopher Peters.
