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October 17, 2019

Berkshire Hathaway sells Applied Underwriters to founder in $920m deal

Berkshire Hathaway has offloaded Applied Underwriters to its founder and president Steve Menzies and an investment firm in deal valued at $920m.

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Under the terms of the contract, Menzies and Quasha Group, led by New York-based Quadrant Management, have agreed to buy Applied Underwriters and its subsidiary North American Casualty.

The deal includes acquisition of all other shareholders along with the 81% stake owned by Omaha-based Berkshire Hathaway.

Menzies said: “I have been pleased to have had Berkshire as a partner these many years, but the growth in Berkshire’s other primary insurance operations has created increasing channel conflicts for Applied. The transaction will now allow Applied to expand with no concerns for channel conflicts.

“The future for Applied is very bright, as construction on our new Omaha operations centre at Heartwood Preserve proceeds apace and as our financial results deliver consistent profits and excellent coverage for our clients and their employees.”

Applied Underwriters provides workers compensation and other employment-related insurance products for small and medium-sized (SEMs) businesses under the names SolutionOne and EquityComp.

Founded in 1994, Applied Underwriters has a team of approximately 800 people.

Earlier in February, Berkshire Hathaway was holding talks to divest its workers compensation business Applied Underwriters to a consortium of insurance companies, Reuters reported citing people familiar with the development.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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