Alleghany to buy Transatlantic for $3.4 billion

by admin on Monday, November 21st, 2011 | No Comments

(Reuters) – U.S. material goods and casualty insurer Alleghany Corp said on Monday it would buy reinsurer Transatlantic Holdings Inc for $3.4 billion in cash and stock — though a sharp drop in Alleghany shares meant a separate, hostile bid for Transatlantic was at least temporarily more valuable.