Business Services Industry
Capital in command
Business Insurance, June, 1998 by Greenwald, Judy
JUDY GREENWALD STAMFORD, Conn. - Berkshire Hathaway Inc.'s approximately $22 billion stock acquisition of General Reinsurance Corp. is expected to create a powerful giant in the reinsurance industry but one that exercises a delicate touch. The acquisition of the largest U.S. reinsurer, which was announced June 19, will lead to a combined company with close to $120 billion in market capitalization (BI, June 22).
The combined company's net worth of $56 billion, on a generally accepted accounting principles basis, will make it the largest U.S. company. How much of that capital will be allocated to General Re will be the decision of Berkshire Chairman Warren Buffett. 'Frankly, I hope Ron calls me up someday and says he can use another billion or two,' said Mr....
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