Buffett rides to the rescue at Swiss Re
11 April 2012
Warren Buffett, the legendary investor, today launched a £1.7 billion rescue of one of the world's biggest reinsurance firms, Swiss Re.
On top of the three billion Swiss francs from the so-called Sage of Omaha's Berkshire Hathaway group, Swiss Re today said it may also seek a further Swfr2 billion, depending on market conditions, after making massive losses.
The company, which occupies the iconic "Gherkin" in the City, has been plagued by losses on insurance products aimed at protecting investors against losses on the value of bonds.
Today it admitted it lost Swfr1 billion in the last financial year.
