Joseph Brandon, the former chief executive officer of reinsurer General Re, is leading a group of investors negotiating to purchase Transatlantic Holdings Inc., Insurance Insider reported.
Morgan Stanley is advising Brandon, and the potential investors may include private-equity firms, the trade publication reported. The group may offer cash and stock, Insurance Insider said, citing unidentified sources.
Transatlantic, the reinsurer previously owned by American International Group Inc., said yesterday it began discussions with a party it didn’t name. New York-based Transatlantic also entered a confidentiality agreement with Validus Holdings Ltd. after rejecting offers from Warren Buffett’s Berkshire Hathaway Inc. and Allied World Assurance Company Holdings AG. General Re is a subsidiary of Omaha, Nebraska-based Berkshire.
A Transatlantic spokesman declined to comment. Brandon didn’t immediately return a phone message. Pen Pendleton, a spokesman at Morgan Stanley, didn’t return a message left at his office.