Alleghany has received shareholder approval for its takeover by billionaire investor Warren Buffett-backed Berkshire Hathaway

Berkshire Hathaway agreed to acquire Alleghany in an all-cash transaction valued at around $11.6bn in March this year.

As per the agreement, Berkshire Hathaway will buy all outstanding shares of Alleghany for $848.02 apiece.

During the special shareholder meeting, around 84% of Alleghany’s outstanding common shares, and over 98% of the votes cast, voted in favour of the merger proposal, the firm said.

Alleghany, which is based in New York, offers property and casualty insurance and reinsurance services via its operating subsidiaries. 

Its subsidiaries include Transatlantic Holdings, RSUI Group, and CapSpecialty.

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Transatlantic offers reinsurance services across the globe, RSUI Group is engaged in underwriting wholesale speciality insurance policies and CapSpecialty is focused on underwriting speciality casualty and surety insurance coverages.

Alleghany president and CEO Joseph Brandon said: “We are pleased our stockholders have overwhelmingly voted to support this compelling transaction, which delivers significant value to them. 

“Alleghany looks forward to further building on its success as part of Berkshire Hathaway.”

The multi-billion-dollar deal is yet to receive regulatory approval and is subject to customary closing conditions. 

Upon the deal completion, which is anticipated to happen in the fourth quarter of 2022, Alleghany will operate as an independent subsidiary of Berkshire Hathaway.