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Author: solasis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 297  
Subject: Re: Swiss Re Date: 3/10/2003 5:06 PM
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so it was gerling.....
Reuters
Buffett: Reinsurer Stops Paying Claims
Monday March 10, 1:09 pm ET

NEW YORK (Reuters) - Billionaire investor Warren Buffett (News) said a large unnamed reinsurer has "all but ceased paying claims," which he said would lead to billions of dollars of write-offs by insurers who bought policies from the company.
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Buffett, whose Berkshire Hathaway Inc. is the world's third-largest reinsurer, through its General Re unit, did not name the reinsurer. He made the comments in his annual letter to shareholders, published on Saturday.
"One of the world's largest reinsurers -- a company regularly recommended to primary insurers by leading brokers -- has all but ceased paying claims, including those both valid and due," Buffett wrote. "This company owes many billions of dollars to hundreds of primary insurers who now face massive write-offs."
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Several reinsurers -- companies that take on a share of insurers' risks, for a premium, to help them dilute the effect of large claims -- have stopped underwriting in the past year as massive claims, such as those from the World Trade Center, hit them hard after almost a decade of plunging premium rates.
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Analysts speculated that Gerling Global Re, a unit of troubled German insurer Gerling, was the company referred to by Buffett.
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who's next on deck? anyone notice how many down opens we've had lately?
tr
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