Business Services Industry
Buffett backs Berkshire involvement in FAI deal.(Warren Buffett)(FAI Insurance)(Brief Article)
Australasian Business Intelligence, May, 2005 by Aylmer, Sean
May 02, 2005 (The Australian Financial Review - ABIX via COMTEX)
US billionaire investor Warren Buffett says he was aware of a contract struck between FAI Insurance and National Indemnity. The HIH Royal Commission in Australia had probed the 1998 deal and found that it was not a real reinsurance policy, and was used to boost FAI's profit. This is the first time Buffett, who controls the Berkshire Hathaway group of which National Indemnity is a subsidiary, has implicated himself in the transaction in question. He says he had relied on other experts' opinions on FAI.
Publication Date: 3 May 2005
BERKSHIRE HATHAWAY INCORPORATED:
FAI INSURANCES LIMITED:
HIH INSURANCE LIMITED:
NATIONAL INDEMNITY COMPANY:
AM BEST COMPANY:...
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