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Tuesday, March 11, 2008

Berkshire Hathaway Sell Stake Of White Mountains Insurance

Hi,
CNBC’s Buffett Watch Reported Warren Buffett "Gracefully" Says Goodbye to White Mountains Berkshire Hathaway bought 16.3% of White Mountains Insurance Group 7 year ago.

Warren Buffett who pays $300 million will be selling for two subsidiaries and $751 million.
White Mountains CEO Ray Barrette said Berkshire's investment in White Mountains helped the company buy CGU/One Beacon in 2001. The purchase of CGU's property and casualty insurance business helped White Mountains expand beyond reinsurance

Buffett was a "long-time friend" of Jack Byrne, White Mountains' CEO at the time of the initial investment, and a key player in Geico's growth in the 1970s.



For More Information:
Buffett's Berkshire Hathaway trades White Mountains Insurance stake for 2 companies and cash
Berkshire Sells White Mountains Stake for $836 Mln White Mountains Buys Off Warren Buffett (WTM, BRK/A)