Berkshire Hathaway Chairman Warren Buffett said today he had offered three troubled bond insurers a deal to guarantee their municipal business, but not their shakier investments.
Still, his comments, which came in an interview on CNBC, set off a stock market rally and drew a happy reaction from New York Insurance Superintendent Eric Dinallo, who has been working on deals to provide financial supports for the bond insurers.
Mr. Buffett, who at the urging of Mr. Dinallo recently formed a municipal bond insurer, said he made to firm offer to Ambac Financial Group Inc., MBIA Inc. and Financial Guaranty Insurance Co., (FGIC) to reinsure $800 billion in tax-exempt bonds.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
