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