5/5/2008

Berkshire Hathaway Chairman Warren Buffett says the company's new bond insurance unit took off because of a commentary on the distrust of rivals' triple-A rating. The unit wrote 278 contracts and generated $400 million in premiums in the first quarter, more than all of the established bond insurers. Most of the policies were additional coverage for clients already insured by one of the other triple-A rated firms, Buffett said at Berkshire's annual shareholder meeting.

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