Buffett picks up ING reinsurance arm
Dutch financial services firm ING Group has completed the sale of its run-off reinsurance unit NRG to Columbia Insurance Company.
The subsidiary of US billionaire Warren Buffett’s Berkshire Hathaway has paid €272 million ($447 million) for the inactive reinsurer.
The sale results in a total capital loss of €144 million ($237 million) after tax for ING.
The subsidiary of US billionaire Warren Buffett’s Berkshire Hathaway has paid €272 million ($447 million) for the inactive reinsurer.
The sale results in a total capital loss of €144 million ($237 million) after tax for ING.