Berkshire to Pay CaixaBank $780 Million in Reinsurer Bet
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Warren Buffett’s Berkshire Hathaway Inc. agreed to pay 600 million euros ($780 million) to reinsure a book of individual life policies at CaixaBank SA, Spain’s third-biggest lender.
CaixaBank will book a one-time 524 million-euro pretax gain from the deal with Berkshire, the Barcelona-based lender said in a filing to regulators in Madrid today. Omaha, Nebraska-based Berkshire will get future profits from the portfolio, which generated premium revenue of 231 million euros last year, according to a spokesman for the bank who asked not to be identified in line with company policy.