Exor SpA agreed to buy PartnerRe Ltd. for about $6.9 billion in its biggest single acquisition in more than a century after the reinsurer scrapped a deal with rival Axis Capital Holdings Ltd.
PartnerRe said it would engage in discussions with hostile bidder Exor to seek a better offer than the $6.8 billion proposal that the target company called unacceptable.
XL Group, the insurer that acquired Catlin, named Citigroup veteran Eugene McQuade as chairman as the company prepares for increased regulatory scrutiny.
Berkshire Hathaways first-quarter profit climbed 9.8% as lower fuel prices helped the railroad business, and investment income improved because of Buffetts wager on Burger King.
Hedge fund managers wont immediately face new limits on their use of insurance in offshore tax havens, after the IRS proposed rules and chose not to make them effective now.