And General Electric is exiting the business altogether by selling its insurance unit to Swiss Re.
In Europe, shares in Swiss Re rose 1.3% and Munich Re shares were also higher.
Analysts gave mixed reviews to Swiss Re's proposed acquisition of General Electric's insurance arm.
To Kurt Karl, chief U.S. economist at Swiss Re, the report offers no signal of strong growth.
Swiss Re reported in its 2012 annual report that Berkshire still owned a 3.1% stake in the company.
But concerns were raised that buying General Electric Insurance Solutions could expose Swiss Re to too much risk.
The two biggest, Munich Re and Swiss Re, were down by 16% and 17% respectively on the day.
Ivo Knoepfel of Swiss Re, a large reinsurance company, says his firm is keen to securitise international emissions-trading permits.
Administering such closed funds is the speciality of Admin Re, the subsidiary of Swiss Re that made the purchase.
Its closest competitor in reinsurance, Swiss Re, went into primary insurance through a number of acquisitions in the mid-1980s.
Swiss Re is selling its Fox-Pitt, Kelton investment bank to a consortium of Fox-Pitt managers and the investment firm J.
The experiment backfired and Swiss Re sold its primary-insurance business to Allianz and to another Swiss insurer, Winterthur, in 1994.
Little of the damage in Germany, the Czech Republic and Austria will be covered by insurance just 10-20%, says Swiss Re.
Mr Kielholz dismisses speculation that Swiss Re will team up with the new company (wisely avoiding any reference to cows).
Swiss Re is not on list of issues required to be reported since its not listed on any U.S. exchange.
Swiss Re's Mr Knoepfel sees insurance companies rushing to get into the business of helping clients assess carbon liabilities and assets.
Swiss Re argues that competition on price and quality is rare because of a lack of data on the outcome of treatment.
About 16% of the fund is invested in such companies as Aegon, San Paolo-IMI, Swiss Re, BNP Paribas, Citigroup, Chase Manhattan, Barclays, MellonBank, J.
Swiss Re's Gherkin (designed by Lord Foster) has been slow to find tenants because its environmentally-friendly ventilation system and cigar-like outline produce an awkward shape.
LAHC's funds are closed to new business, Swiss Re can make good money from running the policies off, without the trouble of hunting for customers.
As the predecessor of Mr Kielholz, he turned Swiss Re around.
And General Electric (nyse: GE - news - people ) is exiting the business altogether by selling its insurance unit to Swiss Re.
He is not well-connected in business and politics, unlike his counterpart at Credit Suisse, Walter Kielholz, who is also vice-chairman of Swiss Re, a big reinsurer.
The project was supported by the United Nations Development Programme, whose primary focus is poverty, and Swiss Re, a reinsurance giant devoted to managing global risk.
Research by Swiss Re on the American industry, for instance, shows that when large insurers grow huge, or small ones medium-sized, they become less, not more, efficient.
After announcing an unexpected fall in first-half net profit, Swiss Re said that John Coomber, its chief executive, would step down at the end of the year.
The transaction will be completed this month, but Swiss Re's U.K. operations will stay in the building as a tenant until 2031, holding 50% of the office space.
"It's not a good time to initiate protectionist measures in any shape or form, " said Kurt Karl, head of economic research at Swiss Re, the world's largest reinsurer.
"Though the economy continues to expand, consumers' confidence is weak and housing activity is soft, " says Swiss Re's chief U.S. economist, Kurt Karl, in reaction to the statement.
According to Clarence Wong of Swiss Re, a reinsurer, life-insurance premiums in the first seven months of this year were 39% higher than in the same period in 2002.
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