Ex-Berkshire exec Brandon is Transatlantic suitor: Source

NEW YORK (Reuters)—Former Berkshire Hathaway Inc. insurance executive Joseph Brandon is the mystery suitor that reinsurer Transatlantic Holdings Inc. disclosed earlier this week, a source familiar with the situation said Tuesday.

Mr. Brandon, who is working with Morgan Stanley on his potential offer, was chairman and chief executive of Berkshire's Gen Re reinsurance business until April 2008.

Besides the confidentiality agreement it signed with Transatlantic, it was not clear how far along Mr. Brandon's group was on making an actual offer for the company.

Efforts were being made to reach Mr. Brandon for comment.

Transatlantic agreed to a deal with reinsurer Allied World Assurance Co. Holdings Ltd. in June, but called it off earlier this month in the face of overwhelming opposition. It has also rejected an offer from another Berkshire Hathaway unit.

Last week, Transatlantic said it would open talks with peer Validus Holdings Ltd., which launched a hostile bid for the company in July.

Transatlantic shares were up 0.5% at $49.06 in afternoon trading.