Warren Buffett’s first big acquisition in two years couldn’t be more Buffett. Berkshire Hathaway , the $750 billion insurance conglomerate he runs, agreed on Monday
for $11.6 billion in cash. Alleghany is basically a Berkshire mini-me both in its culture and strategy. So, Buffett, classically, has inked a deal only he could get.
Then again, Alleghany will never have Berkshire’s scale. While Buffett’s empire rose to enormity through times like the 1980s, when interest rates were high and company valuations low – ideal conditions for a business that writes insurance and buys businesses with the premiums – Alleghany today has no such tailwinds. Plus both firms’ book value will be eroded by falling stock valuations that insurers hold their portfolios. So the timing is good.
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