Alleghany offers property and casualty insurance and reinsurance services. Credit: Oleksandr Pidvalnyi from Pixabay.

US multinational conglomerate Berkshire Hathaway has secured regulatory approval for the proposed $11.6bn acquisition of Alleghany.

The deal is expected to complete on 19 October 2022, subject to the fulfilment of customary closing conditions.

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As per the agreement, which was announced in March 2022, billionaire investor Warren Buffett-backed Berkshire Hathaway will buy all outstanding shares of Alleghany in an all-cash deal.

Berkshire Hathaway has agreed to pay a price of $848.02 for each share of Alleghany.

New York-based Alleghany is engaged in offering property and casualty insurance and reinsurance services through its operating subsidiaries Transatlantic Holdings, RSUI Group, and CapSpecialty.

Transatlantic provides reinsurance services globally, RSUI Group underwrites wholesale speciality insurance policies and CapSpecialty operates in the speciality casualty and surety insurance space.

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In April, an Alleghany shareholder filed a lawsuit to block the deal, claiming that the firm had made misleading and inadequate disclosures about the acquisition.

Later, shareholders of Alleghany approved the multi-billion acquisition during a special shareholder meeting in June 2022.

Upon completion of the deal, Alleghany will operate as an independent subsidiary of Berkshire Hathaway.

Alleghany also operates in the non-financial space via its subsidiary Alleghany Capital, which owns and runs eight businesses.

Last month, Berkshire Hathaway Specialty Insurance (BHSI) announced its expansion in Europe by opening an office in Brussels, Belgium. BHSI, which is part of Berkshire Hathaway’s National Indemnity group of insurance companies, also made a series of senior-level appointments at the European unit.