Swiss Re on Wednesday said that Warren Buffett's Berkshire Hathaway snapped up a 3% stake and agreed to manage a portion of its property and casualty business, sending shares of the world's largest reinsurer surging.
Swiss Re (CH:001233237: news, chart, profile) said the firms have agreed a proportional reinsurance deal under which Berkshire Hathaway , the investment vehicle of billionaire Buffett, will assume 20% of its property and casualty business for the next five years.
The deal will free up capital, allowing Swiss Re to buy back a further 1.75 billion Swiss francs ($1.58 billion) of shares over the next couple of years. As a result Swiss Re is now targeting a total buyback, including shares already repurchased, of up to 7.75 billion francs.
details here:
http://www.marketwatch.com/news/story/buffett-takes-3-stake-swiss/story.aspx?guid=%7B4DB18461%2D6279%2D4F0A%2DB29D%2DF5EA31FB579B%7DAlso check out:
Swiss Re (CH:001233237: news, chart, profile) said the firms have agreed a proportional reinsurance deal under which Berkshire Hathaway , the investment vehicle of billionaire Buffett, will assume 20% of its property and casualty business for the next five years.
The deal will free up capital, allowing Swiss Re to buy back a further 1.75 billion Swiss francs ($1.58 billion) of shares over the next couple of years. As a result Swiss Re is now targeting a total buyback, including shares already repurchased, of up to 7.75 billion francs.
details here:
http://www.marketwatch.com/news/story/buffett-takes-3-stake-swiss/story.aspx?guid=%7B4DB18461%2D6279%2D4F0A%2DB29D%2DF5EA31FB579B%7DAlso check out:
