Swiss reinsurer Converium last week agreed to sell its runoff North American operations to National Indemnity Company, a Berkshire Hathaway subsidiary, for $95 million in cash and $200 million in assumption of debt.
Converium said it has not provided any guarantee or indemnity in respect of the reserves of the North American operations. The transaction is subject to regulatory approvals and customary closing conditions, the company said.
“With this transaction we have successfully delivered on our promise to achieve finality regarding Converium's U.S. operations through a clean-cut sale,” Converium's chief executive officer, Inga Beale, said in a statement. “We can now fully concentrate on building Converium's future, with our business strategy focused on markets outside the U.S.”
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