Warren Buffett is to cut his investment in Lloyd's through Berkshire Hathaway, next year, announced a report.
Warren Buffett is to cut his investment in Lloyd's through Berkshire Hathaway, next year, announced a report.
Buffett, whose Berkshire Hathaway investment company accounted for 8% of Lloyd's capacity during 2002, is expected to account for a smaller
proportion of Lloyd's underwriting next year, following the announcement.
Lloyd‚s is expected to announce an increase in underwriting capacity to a record £15bn for the 2004 year of account, said the report.
This year Berkshire Hathaway provided direct underwriting capacity of £600m to syndicates plus additional reinsurance capital. In 2004 its direct
underwriting capacity to Lloyd's, it is understood, will be down by 10% to £540m.
In addition, its Marlborough managing agency will provide £90m of capacity, down from £227m in 2003.
Berkshire is also said to be providing more than £50m to managing agency Euclidian, concluded the report.
