US-based intermediary Berkshire Hathaway has today announced that it is acquiring a three per cent stake in insurance giant Swiss Re.

Swiss has also entered into a proportional reinsurance contract with Berkshire.

Under this arrangement, Berkshire will assume a 20 per cent share of all Swiss Re's property and casualty business for the next five years.

Swiss Re's chief executive officer, Jacques Aigrain, commenting on the link-up, said that the reinsurance arrangement was further evidence of their commitment to "actively manage the property and casualty cycle".

He added: "The arrangement also underlines the strength of our underwriting capabilities… it will allow us to increase capacity rapidly should pricing conditions improve.

"Furthermore, it will advance our efforts to manage earnings volatility – a key strategic priority."

Meanwhile, Swiss intends to extend its share buy-back programme by acquiring a further tranche up to a total value of CHF 1.75 billion and is expected to complete this purchase over a period of 24 months.

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