Swiss Re to accept US$610m to end dispute with Warren Buffett

Swiss Re, one of the world’s biggest insurers, on Thursday said it had settled a dispute with billionaire Warren Buffett’s Berkshire Hathaway over a 2010 life retrocession deal, and would accept a settlement of US$610 million (HK$4.7 billion) from the US company.

Swiss Re said in a statement it had agreed to take back some of the risks covered by the reinsurance contract with Berkshire Hathaway. The total protection provided by the US firm to Swiss Re will be reduced from $1.5 billion to $1.05 billion, it added.