Buffett's firm seeks US$1b from Swiss Re
Source: Agencies |
December 5, 2012, Wednesday
|
Print Edition
Print Edition
WARREN Buffett's Berkshire Hathaway conglomerate is claiming up to US$1 billion from reinsurer Swiss Re in a dispute over a life insurance deal they agreed in 2010.
Berkshire Hathaway is "alleging damages of between US$500 million and US$1 billion," Swiss Re said on page 73 of the third-quarter earnings statement it issued on November 8, adding the claim was without merit.
Swiss Re and Berkshire Hathaway were not available to comment.
Berkshire's claim against Swiss Re was first reported by the Insurance Insider newspaper on Monday.
Analysts at JP Morgan said Swiss Re would be able to meet dividend forecasts even if it had to pay Berkshire Hathaway.
"Swiss Re's capital is in our view strong enough to absorb this and still have the ability to raise the normal dividend and pay a special dividend too," they wrote in a note.
Swiss Re has met Berkshire to discuss the claim, and failure to resolve the dispute could lead to arbitration proceedings, the reinsurer said in its earnings statement in November.
Berkshire Hathaway is "alleging damages of between US$500 million and US$1 billion," Swiss Re said on page 73 of the third-quarter earnings statement it issued on November 8, adding the claim was without merit.
Swiss Re and Berkshire Hathaway were not available to comment.
Berkshire's claim against Swiss Re was first reported by the Insurance Insider newspaper on Monday.
Analysts at JP Morgan said Swiss Re would be able to meet dividend forecasts even if it had to pay Berkshire Hathaway.
"Swiss Re's capital is in our view strong enough to absorb this and still have the ability to raise the normal dividend and pay a special dividend too," they wrote in a note.
Swiss Re has met Berkshire to discuss the claim, and failure to resolve the dispute could lead to arbitration proceedings, the reinsurer said in its earnings statement in November.
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