Business Services Industry
Cryptic quote by Buffett roils reinsurance market.(News)(Berkshire Hathaway Inc. Chairman Warren Buffett)
Business Insurance, March, 2003 by McLeod, Douglas
Byline: DOUGLAS McLEOD OMAHA, Neb.-The Oracle of Omaha, like other oracles before him, can be maddeningly obscure. Berkshire Hathaway Inc. Chairman Warren Buffett caused a stir in reinsurance circles last week by remarking in his annual letter to shareholders that one of the world's largest reinsurers-which he did not name-``has all but ceased paying claims, including those both valid and due.'' Market observers immediately targeted Cologne, Germany-based Gerling Global Re, which stopped underwriting last year, as the likely subject of Mr.
Buffett's comments. It remained unclear last week, though, whether this is in fact the reinsurer he had in mind and, if so, whether he is right about its claims practices. Gerling has recently slowed reinsurance claim...
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