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Alleghany said the $400 million deal is with AIG Property Casualty Inc. and the National Indemnity and Resolute Management operations at Omaha, Nebraska-based Berkshire. (Photo: Thinkstock)

(Bloomberg) — Weston Hicks’s Alleghany Corp. will pay $400 million to wind down reinsurance deals with American International Group Inc. and Warren Buffett’s Berkshire Hathaway Inc. for policies that date back decades.

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