German reinsurer Munich Re said as of 19 January the Sage of Omaha holds options which could push his voting rights in the company to 5.029%.
In a regulatory filing, Munich Re says the chairman of Berkshire Hathaway "directly or indirectly held financial instruments that granted him the right to subscribe to shares in our company" carrying 1.945% of voting rights. Buffett already held 3.084% in the company. The exercise date of the financial instruments is March 11. According to the figures, Buffett was Munich Re's largest investor on January 19, having built up a $1bn stake, ahead of BlackRock which reported in December it held 4.58% in the company. Analysts say demand for reinsurance by primary insurers will rise in re...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
