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Swiss Re signals confidence to repay Buffett
18 February 2010
Swiss Re has raised its dividend for 2009, in a sign that the world’s second-largest reinsurer is now in a position to repay a expensive convertible loan from Warren Buffett’s Berkshire Hathaway.
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Swiss Re
Warren Buffett
Berkshire Hathaway
Stefan Lippe
convertible loan
dividend
capital
Swiss Re has raised its dividend for 2009, in a sign that the world’s second-largest reinsurer is now in a position to repay a expensive convertible loan from Warren Buffett’s Berkshire Hathaway.
The Zurich-based reinsurer said Thursday that it returned to profit in 2009, reporting net income of SFr506m ($686.6m), compared with a loss of SFr806m in 2008.
“Today, I am proud to say: we have come a long way,” said Stefan Lippe, CEO of Swiss Re.
Net income missed analyst estimates after the result was hit by...
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