|By Meg Green|
|A.M. Best Company, Inc.|
Both companies said shareholders of record on
In November, after months of negotiations with several different companies and a failed merger attempt with
Before the Alleghany transaction was announced, Transatlantic had been the acquisition target of five would-be buyers, including a hostile take-over bid by
After Transatlantic and Alleghany announced their merger plans, Validus formally ended its hostile takeover attempt.
A Transatlantic shareholder lawsuit that seeks to stop the merger with Alleghany is still pending. Transatlantic shareholder
The suit "is totally without merit," a spokesman for Transatlantic said in a
"The transaction brings two complementary organizations together. Alleghany’s specialty insurance platform and Transatlantic’s reinsurance platform, combined with a shared philosophy of underwriting discipline, will bring greater diversification of earnings, cash flow sources and business by geography, product and distribution to Alleghany,"
|Copyright:||(c) 2011 A.M. Best Company, Inc.|