Berkshire in $3.2bn bid for reinsurer

Berkshire hathaway has waded into the takeover battle for Transatlantic Holdings, tabling a $3.2bn bid for the reinsurer.

The $52-a-share offer from National Indemnity, a subsidiary of Berkshire Hathaway, follows Transatlantic agreeing on an offer from Allied World Assurance in a deal that valued it at $2.7bn.

Transatlantic's board said yesterday it would "carefully consider and evaluate" the new offer.

Separately Validus Holdings had launched a hostile $2.8bn bid for the group.