Swiss Re has sold part of its US life insurance business to Warren Buffett's Berkshire Hathaway for 1.3bn Swiss francs (£778m).
The Swiss reinsurance giant says the sale of a unit of its US business to Buffett's investment vehicle - which already has a stake in the company - will allow it to invest the proceeds into more profitable areas. It will release 300m Swiss francs of capital reserves for the reinsurer, with the retrocession deal taking effect as of October 1
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