Buffett Buys Reinsurer; Bond Venture Rumored

The Oracle of Omaha is picking up a Dutch reinsurance business on the cheap.
Dutch financial services firm ING on Friday announced the sale of its NRG reinsurance unit to billionaire investor Warren Buffet's Berkshire Hathaway for 300 million euros ($440.7 million), resulting in a capital loss after tax of 100 million euros ($146.9 million) in 2007.

The acquisition could have something to do with plans by Buffett to launch a municipal bond insurance company. The Wall Street Journal reported that Buffett will launch a bond insurance business Friday in New York, aiming to capitalize on instability in that sector.

Read Full Article from Forbes

- Posted: 2007-12-28 10:08:23

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