Converium in clean break from US with $295m Berkshire deal
Zurich-based reinsurer Converium has signed a definitive agreement to sell its North American operations to Berkshire Hathaway subsidiary, National Indemnity, for $295m, comprising $95m in cash and $200m in assumption of debt.
Converium said it has not had to provided any guarantee or indemnity in respect of the reserves of the North American operations.
Since it was hit by unexpected reserve-strengthening and downgrades in
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Lloyd’s/London
Lloyd’s Tiernan reflects on 9/11 25 years on
Patrick Tiernan, CEO of Lloyd’s, made these closing remarks at the London market, Aon and Marsh's remembrance service for September 11 today.
Lloyd’s gathers to remember 9/11 victims 25 years on
Lloyd’s, Aon and Marsh gathered to mark the 25th anniversary of the 9/11 terrorist attacks today (11 September), remembering those who lost their lives.
How 9/11 still shapes insurance
Editor’s View: On the 25th anniversary of 9/11, Emma Ann Hughes reflects on how the attacks changed terrorism risk, catastrophe modelling and insurance capacity forever and reminds the sector of how it must always help people recover from loss.
Large losses likely before AI becomes stand-alone insurance class
Artificial intelligence needs to be better defined by insurance companies – and a few large associated losses are likely to be absorbed within existing product lines – before it is underwritten as a stand-alone class of business.
Diversity and Inclusion In Insurance Awards 2026 shortlist revealed
Insurance Post can reveal the businesses and individuals who have been shortlisted for the 2026 Diversity and Inclusion In Insurance Awards.
How does the London Market keep its edge post-Blueprint Two?
Following the shelving of Blueprint Two, Tom Luckham explores how the London market is learning from the successes and failures of the programme in order to transform the technical capabilities of the sector.
Lloyd’s CEO pushes market to innovate at scale
Lloyd’s CEO Patrick Tiernan has called on the London market to move beyond product innovation and deliver “innovation at scale” to meet growing demand for cover across data centres, infrastructure, energy and defence.
Lloyd’s profits fall to £3.5bn
Lloyd’s profit before tax fell from £4.2bn in the first half of 2025 to £3.5bn in the first six months of 2026, as lower investment returns offset a "strong" underwriting performance.