Swiss Re settles dispute with Berkshire Hathaway

GENEVA (AP) - Swiss Re Ltd., the world's second-biggest reinsurer, says it has settled a dispute with Warren Buffet's firm Berkshire Hathaway, in a deal that will boost the Swiss company's profits in the first quarter.

The Zurich-based group, says Berkshire Hathaway has agreed to pay $610 million so Swiss Re will take back some risks under a 2010 deal. Reinsurance involves one company agreeing to share a large insurance risk with another company and to pay part of any loss.

Swiss Re said Thursday the payment involving the group of renewable term-life policies sold in the U.S. before 2004 and several other factors would pad its first-quarter profits by about $100 million.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Failing
    So far, King County voters are rejecting higher car tab fees to save buses

  • Minimum Age Debate
    There's a push to raise the age from 18 to 21 in order to legally buy tobacco

  • Time for Change
    Shannon Drayer is expecting some changes after the Mariners' eighth straight loss
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know a student who stands out in the classroom, school and community?
Help make their dreams come true by nominating them for a $1,000 scholarship and a chance to earn a $10,000 Grand Prize. Brought to you by KIRO Radio and Comprehensive Wealth Management.

Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.