Berkshire Hathaway (NYSE: BRK.A, BRK.B) announced Tuesday that the holding company has made a deal with Swiss Reinsurance Co. worth $1.3 billion.
The holding company owned by billionaire Warren Buffett now owns a stake in the company that allows Berkshire Hathaway's life insurance company liable for up to $1.5 billion in claims. In return, Berkshire Hathaway will be the recipient of premiums.
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The deal with Berkshire Hathaway Life Insurance Inc., which was announced Monday, was retroactive to Oct. 1.
The company will release 300 million Swiss francs (about $292 million) in capital reserves for Swiss Reinsurance.
Buffett's company invested $2.6 billion in Swiss Re last year with the possibility to convert the investment into conventional Swiss Re shares in 2012.
Berkshire owns several major insurance companies, including Geico and General Re Corp., which is one of the top four reinsurers in the world.
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