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
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