Warren Buffett cuts Munich Re stake to beneath 5 pct

FRANKFURT Warren Buffett has reduce his stake in German reinsurer Munich Re (MUVGn.DE) once more, following warning earlier this year that prospects for the reinsurance sector had turned gloomier.

Buffett cut his holding to 4.6 percent from 9.7 percent previously, a regulatory filing by Munich Re showed late on Friday.

Buffet’s organizations Berkshire Hathaway Inc. (BRKa.N) and National Indemnity Business had reduce their holding in Munich Re from around 12 percent in September.

In May, Buffet told Berkshire Hathaway shareholders that the reinsurance organization was “unlikely to be as very good as it was”.

(Reporting by Maria Sheahan Editing by James Dalgleish)