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