Swiss Re Gets $3B Capital Boost From Warren Buffett

Law360, New York (February 5, 2009, 12:00 AM EST) -- Continuing his recent trend of investing in weakened companies, U.S. billionaire Warren Buffett has bolstered the troubled Swiss Re Group with a $2.6 billion investment just as the world's second-largest reinsurance company announced it was writing down twice that amount in toxic assets.

Reporting that its net loss for the full year 2008 of approximately $857 million was mostly caused by mark-to-market losses totaling $5.2 billion, the Zurich-based Swiss Re said Buffett's capital infusion was one of a series of measures the reinsurer was taking to...
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