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.
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