The international rumor mill is rife with the story that billionaire investor Warren Buffett has offered to purchase General Electric’s Employers Reinsurance Corp for a great deal less than the $14.2 billion GE wants for it.

If such move was successful, Buffett’s Berkshire Hathaway Inc would become the largest reinsurer in the world, exceeding global giants Swiss Re and Munich Re.

While GE hasn’t confirmed that Employers Re is even for sale, large losses in the third quarter indicate that CEO Jeff Immelt might be in a mood for a bit of haggling.

And things are looking good for Berkshire Hathaway Inc, which recorded a third quarter net profit of $2.25 billion compared to a loss of $1.205 billion last year.

The group also recorded an operating profit of $1.977 billion, excluding $47.9 million in realised gains.