Alleghany Corporation Makes Announcement.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y.--(BUSINESS WIRE)--May 10, 2000 Alleghany Corporation ("Alleghany") announced today that it has completed the sale of its Underwriters Re Group, Inc. property and casualty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and insurance businesses to Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. America Holding Corporation. As previously announced, Alleghany is retaining Underwriters Re Group's London-based Lloyd's operations to be conducted through Alleghany Underwriting Holdings Ltd (previously referred to as Venton Holdings Ltd). Pre-tax proceeds of the sale are about $660 million (including about $188 million of market value, or 7.425 million shares, in common stock of Burlington Northern Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. Corporation acquired by Alleghany from Underwriters Re Group as part of the transaction). Alleghany Corporation is engaged through its subsidiaries, Alleghany Asset Management, Inc., Alleghany Underwriting Holdings Ltd, World Minerals Inc. and Heads & Threads International LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , in the businesses of investment management, global insurance and reinsurance, industrial minerals and industrial fasteners. |
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