National Indemnity Company, a unit of billionaire Warren Buffett’s Berkshire Hathaway Inc., has entered the bidding for reinsurer Transatlantic Holdings, Inc., offering $3.25 billion for the New York-based company.

Transatlantic confirmed receipt of the offer Sunday, and said its board is evaluating the bid, which translates to $52 per share. Transatlantic shares were trading at roughly $46.60 Monday afternoon.

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