Buffett Loans Billions to Swiss Re

Insurance giant turns to Omaha after heavy annual loss
By Jason Farago,  Newser Staff
Posted Feb 5, 2009 8:31 AM CST
Buffett Loans Billions to Swiss Re
The iconic headquarters of Swiss Re, in London. The reinsurer posted a substantial annual loss and will raise money from Warren Buffett.   (©ryanfb)

Insurance giant Swiss Re has reported an annual loss of $860 million and will turn to Warren Buffett to retain its investment-grade rating, the Financial Times reports. The company will raise $2.58 billion, of which more than half will come from Berkshire Hathaway—leaving Buffett with more than 20% of one of the world's largest reinsurers. Swiss Re will also cut its dividends and end its activities in financial markets.
(More Warren Buffett stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X