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Buffett pledges crackdown on reinsurance scams.(Warren Buffett, Berkshire Hathaway Inc.)(Brief Article)
Australasian Business Intelligence, May, 2005 by Coultan, Mark
May 01, 2005 (The Age - ABIX via COMTEX)
Berkshire Hathaway CEO, Warren Buffett, has issued his first statement on the issue of the Berkshire subsidiaries' reinsurance contracts. The contracts were used by other insurance groups, such as Australia's FAI Insurances, to give an inaccurate indication of profit results. Buffett says that anyone who knowingly assisted another company do to something wrong will face the consequences. Buffett, who is considered a witness, has not given details of the reinsurance investigations, in an effort to avoid compromising the probes. He claims retrospective reinsurance contracts that cover the future costs of claims already known, but not yet paid, are legitimate.
Publication Date: 2 May 2005
BERKSHIRE...
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