Berkshire Hathaway Assurance

Berkshire Hathaway Assurance

Infobox_Company
company_name = Berkshire Hathaway Assurance
company_type = Private
foundation = 2007, Omaha, NE, USA
key_people = Warren Buffett, President and CEO
industry = Insurance | owner = Berkshire Hathaway

Berkshire Hathaway Assurance is an bond insurance company created by Berkshire Hathaway, Inc. in December, 2007.

History

Berkshire created this government bond insurance company in December, 2007 to insure municipal and state bonds. These type bonds are issued by local governments to finance public works projects such as schools, hospitals, roads, and sewer systems. Berkshire is not guaranteeing BHAFact|date=February 2008, thus opening itself to competition from any number of investors who could easily assemble the $5 billion capital. BHA will begin in New York, then move to California, Puerto Rico, Texas, Illinois, and Florida. [ [http://www.marketwatch.com/news/story/berkshire-hathaway-buy-reinsurer-start/story.aspx?guid=%7B0CC68C49%2D6EED%2D4A85%2D8C8C%2D51ED714E6082%7D&dist=TQP_Mod_mktwN Berkshire Hathaway to buy reinsurer, start bond insurer - MarketWatch ] ] On February 12, 2008, Warren Buffet announced a plan to add up to $5 billion in capital to BHA to enable it to provide reinsurance on municipal bonds currently guaranteed by Ambac, MBIA, and FGIC Corp.cite web
url=http://money.cnn.com/2008/02/12/news/newsmakers/warren_buffett.fortune/?postversion=2008021210
title=Buffett offers to help ailing bond insurers
publisher=Fortune
author=David Ellis
date=2008-02-12
accessdate=2008-02-12] Buffet also announced BHA had closed its first deal to insure $50 million in debt for a 2% fee.cite web
url=http://money.cnn.com/2008/02/12/news/newsmakers/warren_buffett.fortune/?postversion=2008021210
title=Buffett offers to help ailing bond insurers
publisher=Fortune
author=David Ellis
date=2008-02-12
accessdate=2008-02-12]

References

*http://www.nytimes.com/2007/12/29/business/29buffett.html?em&ex=1199077200&en=338bf88f1e251da9&ei=5087%0A
*http://money.cnn.com/2007/12/28/news/companies/bc.apfn.berkshirehathawa.ap/index.htm?postversion=2007122811


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