Swiss Re, Berkshire Hathaway Settle $1.5B Reinsurance Row

Law360, New York (March 28, 2013, 3:09 PM EDT) -- Swiss Re said Thursday that it and Berkshire Hathaway Inc. have settled a dispute over a 2010 reinsurance deal that reduces Warren Buffett’s conglomerate’s exposure under the contract from $1.5 billion to $1.05 billion in exchange for a payment of $610 million.

The dispute centered on a Swiss Re retrocession transaction — essentially reinsurance for a reinsurer — with Berkshire Hathaway for a portfolio of Swiss Re’s pre-2004 yearly renewable term life business.

Swiss Re said the transaction consisted of two parts: a coinsurance agreement in...
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