Berkshire Inks $780M Reinsurance Deal With CaixaBank

Law360, New York (November 30, 2012, 2:27 PM EST) -- Berkshire Hathaway Inc. will pay €600 million ($780 million) for a reinsurance agreement covering an individual life-risk insurance portfolio held by Spain's CaixaBank SA, the bank announced Friday.

In a deal that will ultimately generate €524 million for CaixaBank, Berkshire Hathaway Life Insurance Co. will assume the risk in the portfolio held by CaixaBank's VidaCaixa insurance unit, the lender said in a statement. 

The reinsurance agreement covers VidaCaixa's portfolio of individual life-risk insurance products underwritten until Dec. 31, but will not impact customers or cause changes...
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