Thursday, March 28, 2013 6:08 am
Swiss Re settles dispute with Berkshire Hathaway
The Associated Press
The Zurich-based group, says Berkshire Hathaway has agreed to pay $610 million so Swiss Re will take back some risks under a 2010 deal. Reinsurance involves one company agreeing to share a large insurance risk with another company and to pay part of any loss.
Swiss Re said Thursday the payment involving the group of renewable term-life policies sold in the U.S. before 2004 and several other factors would pad its first-quarter profits by about $100 million.