Dutch financial services conglomerate ING said it is selling its reinsurance unit, NRG N.V., to Berkshire Hathaway for approximately 300 million euros–about $433 million at current exchange rates, while New York officials said they are approving a license for Berkshire to open a bond insurance company.

ING said the sale is part of its strategy of focusing on its core insurance, banking and asset management businesses.

ING said it would take a loss of 100 million euros ($145 million), on the sale. Berkshire Hathaway didn't make a statement on its side of the deal.

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