Swiss Re announced today that Berkshire Hathaway headed by Warren Buffett has acquired a 3 percent stake in the company and the firm has entered into a reinsurance contract for property-casualty business with Berkshire Hathaway.

Capital released as a result of the reinsurance contract with the Omaha, Neb.-based company, Swiss Re said, will be used for a $1.6 billion share buyback.

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