Warren Buffett cuts Munich Re stake to below 10%
(Reuters) — Warren Buffett has cut his stake in German reinsurer Munich Re after warning earlier this year that prospects for the reinsurance industry had turned gloomier.
Mr. Buffett's companies Berkshire Hathaway Inc. and National Indemnity Co. cut their combined holding to 9.7% from around 12% previously, Munich Re said in a statement on Tuesday.
It was unclear whether Buffett plans further reductions in his stake, which he built from less than 3% to more than 10% in 2010. In May, he told Berkshire Hathaway shareholders that the reinsurance business was “unlikely to be as good as it was”.
“We are pleased that Warren Buffett has been a significant shareholder for many years,” Munich Re Chief Financial Officer Joerg Schneider said, adding the reinsurer would ensure that its shareholders would continue to be spread over many countries and investor groups.
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