The European Commission is set to approve the sale of the world's biggest aviation insurer (GAUM) to a consortium of investors, according to Reuters.
Under the deal, a consortium led by Warren Buffett's Berkshire Hathaway will buy the majority of Global Aerospace Underwriting Managers (GAUM) from Aviva and Royal & Sun Alliance (R&SA).
Berkshire Hathaway will take a 40% stake in GAUM, with Munich Re and Swiss reinsurer Converium each taking a 25% share. R&SA will keep 10%.
R&SA said the deal would release around £45m. GAUM underwrites hull and liability insurance cover for many of the world's leading airlines as well as aircraft manufacturers.
