General Re Corporation, a wholly owned subsidiary of Berkshire Hathaway Inc. has completed its analysis of strategic alternatives for General Re Financial Products (GRFP), determining that it will resume its activities with some changes.
Mark J. Byrne, president and chief executive officer of GRFP, said “following a careful review of GRFP’s results and business model, we have decided that GRFP will resume its activities as a client-focused financial products dealer with some modifications designed to enhance GRFP’s efficiency, client service and economic returns. We are no longer considering a sale or spin-off of GRFP.”
General Re Corp. is a subsidiary of Berkshire Hathaway Inc. Berkshire chairman Warren Buffett said he “unequivocally” supports the business plan, and has “complete confidence” in the management’s ability to deliver.
GRFP has a Triple-A counterparty credit rating from Standard & Poor’s and its derivative transactions are guaranteed by General Re Corp., whose long-term senior debt is rated Triple-A/Aa1.
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