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.

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