A.M. Best reported that Leucadia National Corp. cancelled the $292.7 million purchase of Reliance Group Holdings Inc. based on the terms that were originally negotiated. They are discussing possible alternatives.
In a joint press release, Leucadia said a new deal isn't certain though. Leucadia could still exercise its existing termination right by July 21.
Coincidentally, A.M. Best Co. downgraded the financial strength rating of Reliance Insurance Group to B (Fair) from B++ (Very Good). The rating remains 'under review with developing implications.' The rating applies to the group's 1...
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