(Bloomberg) — Alleghany Corp. rose the most since December as Reuters reported that the company was approached about the possible sale of its Transatlantic reinsurance unit.
Alleghany jumped 3.3% to $504.02 at 12:45 p.m. in New York trading. A deal could value the unit at $6.5 billion, the news service reported, citing people familiar with the matter it didn't identify.
Dealmaking has been accelerating among reinsurers and specialty insurers as companies seek partners to keep up with rivals that expanded their product offerings and balance sheets through mergers. New York-based Alleghany won a bidding war for Transatlantic in 2011 and agreed to pay about $3.5 billion.
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