Tuesday, September 7, 2010

insurance owned by Royal Bank of Scotland bought Warren Buffett

insurance owned by Royal Bank of Scotland bought Warren Buffett ; Billionaire Warren Buffett has called the big fish are interested in buying an insurance business units owned by Royal Bank of Scotland (RBS). As reported Sunday Times, which quoted from the AFP on Monday (8/30/2010), the number of claims car accident has lead to large losses in this RBS insurance unit. The Bank also has been considering to sell it after consultation with the advisor.

RBS, which as many as 83 percent of its shares currently owned by the state after rescued by the British government, had been ordered by the European Commission for a direct selling business units, in accordance with the rules and regulations.

Berkshire Hathaway, an investment company owned by Buffett is one of the companies that had bid for the business. In addition, U.S. home insurer, Allstate has also expressed interest.

RBS would not comment on speculation about potential buyers, but make sure it has engaged team of advisors to see through the sales. In fact, RBS business unit is being prepared for masuyk to capital markets, but had made significant losses expected to slip by the plan.

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