“LONDON (Reuters) – Warren Buffett’s Berkshire Hathaway conglomerate is claiming up to $1 billion from reinsurer Swiss Re in a dispute over a life insurance deal they agreed in 2010.
Berkshire Hathaway is “alleging damages of between $0.5 and $1 billion”, Swiss Re said on page 73 of the third-quarter earnings statement it issued on November 8, adding the claim was without merit.
Swiss Re and Berkshire Hathaway were not available to comment.
Berkshire’s claim against Swiss Re was first reported by the Insurance Insider newspaper on Monday.
Swiss Re shares were up 0.8 percent at 6:25 a.m. EDT on Tuesday, in line with a European insurance sector index <.sxip>.
Analysts at JP Morgan said Swiss Re would be able to meet dividend forecasts even if it had to pay Berkshire Hathaway.”
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