Buffett’s conglomerate closes $11.6B Alleghany insurance buy

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Warren Buffett’s conglomerate has completed its largest acquisition in years with its $11.6 billion purchase of the Alleghany insurance conglomerate. The purchase will further expand Berkshire’s sizeable insurance operations and add a few more companies to its stable, including a steel fabricator and toy company owned by Alleghany. Buffett has also invested more than $50 billion in stocks this year, and it is scheduled to spend several billion more early next year when Berkshire boosts its stake in the Pilot chain of more than 800 truck stops. Berkshire was sitting on more than $105 billion cash at the end of the second quarter.