Bermuda Business Briefs
OMAHA, Nebraska (Bloomberg) Warren Buffett?s Berkshire Hathaway Inc. agreed to buy two insurance units of Acacia Pacific Holdings Inc. that have been selling and administering California workers compensation policies on Berkshire?s behalf.
Berkshire?s Columbia Insurance Co. unit will buy American All-Risk Insurance Services and American Commercial Claim Administrators, the closely-held San Francisco-based companies said in a statement today. Terms of the transaction weren?t disclosed.
American All-Risk has been selling policies exclusively for Berkshire?s National Liability & Fire Insurance Co. since October 2004, said Rob Darby, president of both Acacia units. Berkshire, an Omaha, Nebraska-based insurance and investment firm, is the sixth-largest seller of workers compensation coverage in California, he said.
NEW YORK (Bloomberg) ? Tyco International Ltd., the world?s second-largest maker of disposable medical supplies, agreed to buy closely held Confluent Surgical Inc. for $245 million to add spray-on and liquid surgical sealants.
The transaction, which is expected to be completed by the end of August, will result in a charge in the fiscal fourth quarter to write off Confluent?s current research, Pembroke, Bermuda-based Tyco said on Tuesday. Confluent has about 60 employees.
Adding Confluent will expand Tyco?s US Surgical line of products and help the company compete in the $900 million biosurgery market, which is expected to double in the next six years, Tyco said. Confluent, based in Waltham, Massachusetts, will become part of Tyco Healthcare, one of two divisions chief executive officer Ed Breen plans to spin off to spur growth.
NEW YORK (Bloomberg) ? Hartford Financial Services Group Inc. agreed to sell Omni Insurance Group, its high-risk car insurance unit, to Inverness Partners II for about $100 million.
The Hartford, Connecticut-based insurer expects to record a unspecified capital gain when the transaction is completed, the company said in a statement yesterday. The deal is scheduled to close by the fourth quarter.
NEW YORK (Bloomberg) ? Bermuda-registered Accenture Ltd. plans to invest $450 million over three years to develop software that connects business applications over the Internet.
The push into so-called service-oriented architecture will include a research facility and expand Accenture?s product line for specific industries, the company said in a statement yesterday.