Business Services Industry
Buffett gets defensive on FAI role.(Brief Article)
Australasian Business Intelligence, May, 2005 by Coultan, Mark
May 02, 2005 (The Age - ABIX via COMTEX)
Berkshire Hathaway CEO, Warren Buffett, discussed a controversial reinsurance deal at Berkshire's 2005 AGM. The arrangement had been made by a Berkshire subsidiary on behalf of Australia's FAI Insurances and has subsequently been cited as a factor in the collapse of HIH Insurance. Buffett says he was aware of the FAI transaction, but did not consider FAI to be unusual. At a press conference, Buffett read a section from the contract, that stated that FAI was to inform auditors and regulators of the contract and stipulated the transaction would be considered null and void if the regulators disapproved. Buffett has expressed disappointment that Berkshire's 1998 acquisition of General Reinsurance Australasia has not turned...
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