Money Management Executive

Buffett's Berkshire Buys ING Unit

Published January 02, 2008, 1:00 a.m. EST

1 Min Read

Warren Buffett's Berkshire Hathaway Inc. made a deal to buy the NRG NV reinsurance unit of the ING Group for about $441 million, according to Reuters.
The purchase of the Dutch reinsurance unit on Friday was the second for Berkshire last week, which paid $4.5 billion for 60% of Marmon Holdings Inc.
An ING spokesman said the Dutch financial services company expects the sale to result in a $147 million aftertax loss and will use the sale proceeds to fund operations, more acquisitions and its share buyback program.
Berkshire, based in Omaha, Neb., owns more than 70 businesses and is best known for insurance holdings including Geico Corp. and Buffett investments. Its main reinsurance operations include the Berkshire Hathaway Reinsurance Group and General Re Corp.

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