MIDDAY UPDATE: Warren Buffet's Berkshire Hathaway tales stake in IAG

Tue, 16 Jun 2015

By Suze Metherell June 16 (BusinessDesk) - Insurance Australia Group has entered into a deal with Berkshire Hathaway which will see billionaire Warren Buffet's Berkshire Hathaway take a 3.7 percent stake through a A$500 million placement in the general insurer. Sydney-based IAG will enter into a strategic partnership with Berkshire Hathaway, underpinned by a 10-year, 20 percent quota share arrangement across IAG’s consolidated insurance business, the ASX-listed company said in a statement. Berkshire Hathaway will receive 20 percent of IA...

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