Buffett Ups Munich Re Stake to Over 10%

Munich Re said Warren Buffett's Berkshire Hathaway increased its stake in the reinsurer to more than 10% and plans to add more.
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FRANKFURT (

TheStreet

) --

Munich Re

, the world's biggest reinsurer, said

Warren Buffett's

Berkshire Hathaway

(BRK.A) - Get Report

increased its stake in the company to more than 10% and plans to add more.

Buffett's investment was financial, rather than strategic, Munich Re said in a statement

Reuters

reports.

Berkshire Hathaway also said it didn't aim to influence Munich Re's management or the company's direction,

Reuters

reports.

-- Written by Joseph Woelfel

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Joseph Woelfel

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