Buffett more than halved its stake in reinsurer Munich Re

Moscow. December 14. American billionaire Warren Buffett, founder and Chairman of investment company Berkshire Hathaway, has cut back investments in the largest reinsurance company in the world – Munich Re – from 9.7% to 4.6%, reported Bloomberg.

At the peak Berkshire owned a 12% stake in Munich Re was the largest shareholder in German companies, but in 2015, have consistently reduced the attachment.

Buffett took an active interest in securities of competitors (Berkshire also has reinsurance operations) Munich Re and Swiss Re in 2008-2010. Since then, his opinion of the industry changed.

“The reinsurance business is not as good as before. The prospects of the entire industry deteriorated, and this is difficult to do something,” said the investor, during the annual Berkshire shareholders meeting in may.

Munich Re shares have risen this year by 10%, the capitalization of the company increased to 30.5 billion euros.