Buffett sets up Dublin insurance company
WARREN BUFFETT'S Berkshire Hathaway is setting up a new insurance hub in Dublin.
Berkshire Hathaway European Insurance (BHEI) has received Central Bank approval to operate here and across the European Economic Area (EEA) - which includes the EU and a number of other countries, such as Norway and Iceland.
The insurance company is relocating from the UK so it can continue to service EU customers.
"Incorporated in the Republic of Ireland and based in Dublin, BHEI will operate as a Designated Activity Company, providing service to the company's customers and brokers in Ireland and, using European freedom of services rights, across the EEA," Berkshire said.
"BHEI will be the insurance company utilised by a number of Berkshire Hathaway's insurance brands operating in the EEA, including Berkshire Hathaway Specialty Insurance, MedPro, and Faraday."
The company expects to be writing business by the end of the month.
Mr Buffett (88), nicknamed the 'Sage of Omaha', is probably the world's most famous investor.
However, he suffered a setback recently when a share plunge at Kraft Heinz, the consumer foods giant, wiped billions off Berkshire Hathaway's stake in the business.