Donald Trump is reportedly shopping around for a company to replace American International Group (AIG) as the insurer of his real estate portfolio.

The hotel and casino mogul told Reuters that other insurers were offering better prices for coverage.

Trump said: "The insurance business, for the first time in a long while, has become competitive on pricing and because of the size of my company, which is one of their largest accounts, and because of the amount of premiums we pay every year, we've had tremendous competition from others wanting to do our work."

Trump added: "It would seem to me unlikely that AIG would be able to compete with the kind of numbers we've been given by other competitors of theirs."

Trump is understood to be considering replacing AIG with billionaire investor Warren Buffett's company, Berkshire Hathaway.

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