6/28, 7:02 PM (Source: TeleTrader)
more TeleTrader news

Buffett sells Applied Underwriters to UIC - report

Warren Buffett's Berkshire Hathaway Co. has sold its 81% stake in Applied Underwriters (AU), an insurance company for workers' compensation, the New York Post reported on Friday after seeing the latter's filing with the California Department of Insurance.

San Francisco-based AU was sold to United Insurance Co. registered in the Bahamas, for an undisclosed sum, according to the report. The company has been accused by former clients of being a "reverse Ponzi scheme," which it denied. In 2017, it reached a settlement with California's regulators over its "bait and switch marketing tactics."

Berkshire acquired AU in 2006 for an estimated $339 million, according to SNL Financial. It was reported in February that Buffett's holding giant was in talks to sell it.

Breaking the News / NI