Swiss Re announced that it has reached a settlement of a dispute with Berkshire Hathaway over a life retrocession agreement, concluded in 2010.
The reinsurer said it “has agreed to take back some of the risks covered by the contract and will receive a payment of $610 million from Berkshire Hathaway,” which is “expected to lead to an initial gain of approximately $100 million for Swiss Re in the first quarter of 2013.”
In addition the total protection under the contract provided by Berkshire Hathaway to Swiss Re has been amended and will be reduced from $1.5 billion to $1.05 billion.
Source: Swiss Re
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