July 15 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc., which was stripped of its top credit ratings over the last two years, agreed to put up $2.2 billion in a collateral trust to win a reinsurance deal with CNA Financial Corp.
The cash will fund asbestos and environmental claims from CNA clients. Omaha, Nebraska-based Berkshire will receive a $2 billion premium and the right to collect reinsurance of $200 million from third parties, CNA said today in a statement.
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Monday, July 19, 2010
WARREN BUFFETT BLOG
