Transatlantic Holdings (NYSE:TRH) entered into a confidentiality agreement with a fourth party regarding potential strategic alternatives as part of its months-long takeover battle, the reinsurer said Tuesday.
The Bermuda-based company did not name the other party involved in the talks and warned that there could be no assurance the discussions will lead to a proposal or a transaction.
The unnamed suitor is in addition to earlier announced bidders Validus Holdings (NYSE:VR), National Indemnity Company and an additional undisclosed party.
“Transatlantic does not intend to comment further regarding its discussions unless and until required by law or NYSE regulations,” the company said in a statement.
Reuters reported last month that former Berkshire insurance executive Joseph Brandon was working with Morgan Stanley (NYSE:MS) on a possible bid for Transatlantic. It is not clear whether Brandon is still involved.
Goldman Sachs (NYSE:GS) and Moelis are acting as financial advisors in the talks, and Gibson, Dunn & Crutcher are acting as legal counsel to Transatlantic.