Tags: Buffett | Berkshire | Unipol | Insurance

Buffett's Berkshire Might Bid for Unipol Insurance Assets

Saturday, 08 Jun 2013 04:50 PM

Warren Buffett's Berkshire Hathaway Inc. is interested in buying assets that Italian insurer Unipol must sell as part of a merger with peer Fondiaria-SAI, business daily Il Sole 24 Ore said on Saturday.

The paper said Berkshire was eying commercial assets belonging to Milano Assicurazioni, a unit controlled by Fondiaria.

Unipol has been forced by Italy's anti-trust authority to sell portfolio assets with premiums totaling around 1.7 billion euros ($2.2 billion) as part of its rescue of the Fondiaria-SAI group.

The merger, which will create Italy's No. 2 insurer, is expected to close by the end of the year.

Editor's Note: Ordinary Man Retires at 42. His Secret to Success . . .

Unipol CEO Carlo Cimbri said in May there had been 10-15 expressions of interest for the assets, including from Allianz, Axa, Aviva and Zurich.

Insurance accounted for roughly a quarter of Berkshire's revenues in 2012. Buffett's investments are viewed by many investors as a seal of approval from one of the world's most respected businessmen.

Non-binding offers for the Unipol assets are expected next Friday, Il Sole said.

Neither Unipol nor Berkshire Hathaway Inc were immediately available for a comment.

© 2015 Thomson/Reuters. All rights reserved.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved