ZURICH (TheStreet) -- Swiss Re( SWCEY) it has repaid Warren Buffett for a 3 billion franc loan the billionaire investor earlier than expected.

Swiss Re

said it has reached an agreement to repay a convertible bond issued to

Berkshire Hathaway

(BRK.B) - Get Report

in 2009 during the height of the financial crisis.

The reinsurer said it will expense the interest charges and the 20% premium in the fourth quarter, adjusted for foreign exchange. The charge to earnings is expected to be approximately $1 billion pre-tax, Swiss Re said.

The repayment announcement came as Swiss Re reported third-quarter net income of $618 million, up from $314 million in the year-ago period. On a per-share basis, earnings rose to $1.80 from 92 cents a year earlier.

-- Written by Robert Holmes in Boston


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