Buffett’s Berkshire Takes 3% Stake in Swiss Re |
| New York Times - Jan 23, 2008 |
Swiss Reinsurance, the biggest reinsurer in the world, said the billionaire investor Warren Buffett’s Berkshire Hathaway took a 3 percent stake and will assume a share of its non-life business, giving Swiss Re’s shares their biggest spike in four years.
Berkshire will get 20 percent of Swiss Re’s property and casualty business over the next five years, Swiss Re said Wednesday. Swiss Re will use capital freed up by the transaction to finance an additional share buyback of up to 1.75 billion Swiss francs ($1.6 billion).
Mr. Buffett is investing outside the United States to spur growth at his investment and holding company as profit from insurance businesses wanes and the dollar weakens.
Swiss Re jumped 6.85 francs, or 9.3 percent, to 80.45 francs by 9 a.m. in Zurich, erasing this year’s losses. Before Wednesday, Swiss Re had lost about a quarter of its value since reporting 1.2 billion francs in losses on derivatives in November.
Read Full Article from New York Times
- Posted: 2008-01-23 09:34:39
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