Buffett's new policy: reinsurance.(Warren Buffett's Berkshire Hathaway Inc. buys General Re)(Brief Article)
Economist (US), The, June, 1998
NEW YORK
SUCH is Warren Buffett's reputation as a market-moving investor that it is often overlooked that the ''Omaha Oracle'' and his company, Berkshire Hathaway, are first and foremost in the insurance business. Even after his announcement on June 19th that Berkshire would spend $22 billion to buy General Re, America's largest provider of reinsurance (insurance for insurers), Mr Buffett's admirers reacted by debating what the deal revealed about the sage's current thinking on the health of the stockmarket. The acquisition may reveal more about the weakening position of Berkshire Hathaway's existing reinsurance operations. General Re is not particularly in need of Berkshire's backing. In fact, it currently has more capital than it knows what to do with. For this...
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