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Buffett was shopping.  He bought an insurance company for about $12 billion

Buffett was shopping. He bought an insurance company for about $12 billion

Berkshire Hathaway will buy the Ghanaian insurance company for $11.6 billion (259 billion CZK). Thus, the investment firm of investor and philanthropist Warren Buffett will enhance the weight of the insurance companies in the portfolio. The company, whose 91-year-old manager complained a few weeks ago that he was not finding good investment opportunities, said in a statement. Telecommunications.

Headquartered in New York, the Ghanaian was founded in 1929 by railroad entrepreneurs Oris and Mantis van Soeringen. It is mainly engaged in property and casualty insurance, as well as in insurance through subsidiaries and investments. It also owns the reinsurance company TransRe. The Kirby family turned it from a railroad company into an insurance and investment company.

Insurance companies are very important to the Berkshire portfolio. Berkshire already owns Geico Auto Insurance and General Reinsurance.

“Berkshire would be the perfect permanent home for Alleghany, a company I have been following closely for 60 years,” said Buffett, Chairman and CEO of Berkshire Hathaway. “The Kirby family built a company in 85 years that has many similarities to Berkshire Hathaway,” he added.

Berkshire expects the transaction to be completed in the fourth quarter of this year. The Ghanaian would then serve as an independent part of Berkshire Hathaway.

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