wescobrk Posted February 5, 2013 Posted February 5, 2013 Can't find the release but saw a flash on bloomberg
treasurehunt Posted February 5, 2013 Posted February 5, 2013 Here's the press release from Cigna: http://www.businesswire.com/news/home/20130204006406/en/Cigna-Announces-Transaction-Exit-Run-off-Operations My reading of the press release is that Berkshire gets 1.8 billion in investments and some cash in return for assuming up to 4 billion in liabilities. 4 billion is the cap; actual liabilities could turn out to be less. I couldn't quite figure out exactly how much cash Berkshire is getting. Perhaps as much as 500 million?
Guest longinvestor Posted February 5, 2013 Posted February 5, 2013 Here's the press release from Cigna: http://www.businesswire.com/news/home/20130204006406/en/Cigna-Announces-Transaction-Exit-Run-off-Operations My reading of the press release is that Berkshire gets 1.8 billion in investments and some cash in return for assuming up to 4 billion in liabilities. 4 billion is the cap; actual liabilities could turn out to be less. I couldn't quite figure out exactly how much cash Berkshire is getting. Perhaps as much as 500 million? Surely looks like a Ajit Jain deal, similar to Lloyd's. That was for $14B.
LC Posted February 5, 2013 Posted February 5, 2013 I couldn't quite figure out exactly how much cash Berkshire is getting. Perhaps as much as 500 million? "Cigna will fund this transaction with an incremental $100 million of parent company cash, approximately $1.8 billion of investment assets supporting the run-off businesses, and an estimated $300 million tax benefit associated with the transaction."
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