Berkshire Hathaway Inc. announced a purchase of a 3 percent stake in Swiss Reinsurance Co.
The company is also going to assume a 20% share of the Zurich , Switzerland-based reinsurer’s property/casualty business under a proportional reinsurance contract.
Over the next 24 months Swiss Re wants to acquire up to 1.75 billion Swiss francs ($1.6 billion) of its own shares. The company plans a total buyback of up to 7.75 billion Swiss francs ($7.08 billion).
Berkshire Hathaway is a conglomerate holding company headquartered in Omaha , Nebraska , U.S. , that oversees and manages a number of subsidiary companies. Berkshire Hathaway's core business is insurance, including property and casualty insurance, reinsurance and specialty nonstandard insurance. The Company averaged a 25%+ annual return to its shareholders for the last 25 years while employing large amounts of capital and minimal debt.
In Bolivia, at least seven people were killed at El Alto State University on Tuesday, March 3. The tragedy took place during a student meeting on the fifth floor of the building