Friday, January 25, 2008

Swiss Re Says Buffett's Berkshire Acquires 3% Stake

Swiss Reinsurance Co., the biggest reinsurer, said billionaire investor Warren Buffett's Berkshire Hathaway Inc. took a 3 percent stake and will assume a share of its non-life business. The shares rose the most in four years.

Berkshire will get 20 percent of Swiss Re's property and casualty business over the next five years, Swiss Re said today in an e-mailed statement from Zurich. 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).

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