By Andrea Tse
01/26/10 – 01:32 PM EST
NEW YORK (TheStreet) — Berkshire chairman Warren Buffett has brought his stake in reinsurer Munich Re to more than 3% of voting rights, exceeding reporting thresholds.
Munich Re said today that Buffett’s stake in the world’s biggest reinsurer rose to 3.045% in voting rights on Jan. 18. The stake was declared by Munich Re because it had gone above a required 3% reporting threshold on Jan. 18.
It is unclear whether Buffet had any stake in the company prior to Jan. 18.
Around the same time, Warren Buffett’s Berkshire Hathaway(BRK.B Quote) put down a $1.3 billion wager on a block of Swiss Re’s low-return U.S. life reinsurance business.
The more than $1 billion deal that was announced on Jan. 18 would free up Swiss Re’s capital, while possibly resulting in great rewards — or losses for Berkshire Hathaway, observers believe.
Berkshire Hathaway’s General Re is currently one of the top four reinsurers in the world.
— Reported by Andrea Tse in New York
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