Buffet Buys Into Ailing Insurance World

I have just received this email from Coattail investor, here is the juicy story:

"Warren Buffett has confounded analysts by again investing in the ailing insurance world. According to reports released earlier this week, Buffett snatched up 3% of Swiss Re, the world’s largest reinsurer, at an estimated value of 859 million Swiss francs, or approximately $783 million US (although terms of the deal were not disclosed).

Berkshire Hathaway’s purchase of Swiss Re is interesting for another reason as well – it is a major competitor of General Re, another Berkshire Hathaway-owned company. Regardless, the move is further evidence that Buffett has managed to avoid being hit by the current credit crisis, and he is actually profiting from it. "

--- Coattail investor

Warren Buffett's Private Jet Business flying high...

Warren Buffett’s private jet business appears to be flying high. The European company NetJets has announced plans to expand by purchasing 39 new aircrafts, a 29% increase to the fleet. The cost of the planes is estimated to be $715 million.

NetJets saw a 17% increase in passengers in 2007, and had to hire 350 new pilots to help accommodate the growth. NetJets rents planes out in 25-hour periods, which is ideal for companies that cannot justify purchasing a jet of their own. The majority of NetJets passengers, approximately 80%, consist of CEOs rushing to meetings.

Berkshire Hathaway Update

Quote of the week:

“When [Berkshire] buys common stock... we approach the transaction as if we were buying into a private business.”- Warren E. Buffett

Last week we reported that Warren Buffett and Berkshire Hathaway had entered the ailing bond insurance market through the creation of Berkshire Hathaway Assurance Corp. This week, the newest division of Berkshire Hathaway, made its first deal insuring $10 million of New York City municipal bonds for Goldman, Sachs & Co.

Berkshire Hathaway Assurance Corp. was licensed in New York State near the end of December. It is reported that the company is also applying for licenses in Puerto Rico, California and a number of other U.S. states. The U.S. muni bond market is estimated to be a $2.5 trillion industry.

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