A sampling of Berkshire Hathaway’s deals.
As part of the acquisition of CIGNA’s property and casualty business, National Indemnity Co. provides $2.5 billion of reinsurance protection to Century Indemnity on all asbestos and environmental claims.
National Indemnity agrees to assume up to $240 million in asbestos and environmental risk from Stonewall Insurance Co., in exchange for $126 million and other considerations.
National Indemnity agrees to assume $2.5 billion in asbestos and environmental risk from OneBeacon Insurance Co.
Lloyd’s of London’s Equitas division signs on with National Indemnity. Berkshire Chairman/CEO Warren Buffett explains, in a related letter to shareholders about the Equitas deal, that Berkshire “would pay all of its future claims and expenses up to $13.9 billion” in exchange for $7.12 billion.
Subsidiaries of CNA Financial Corp. transfer their legacy asbestos and pollution risk to National Indemnity. CNA pays $2 billion to National Indemnity for up to $4 billion in coverage.
National Indemnity assumes up to $3.5 billion of asbestos risk from Chartis, a branch of American Insurance Group, in exchange for $1.65 billion. The transfer includes “the bulk of Chartis’ legacy asbestos liabilities.”