PARIS — Swiss Re, the insurance giant, said Thursday that it was turning to Warren E. Buffett for a capital infusion, while Deutsche Bank and Banco Santander announced sobering forecasts, reminders that the credit crisis had yet to run its course.
Swiss Re, based in Zurich, said it would receive 3 billion Swiss francs, or about $2.6 billion, from Berkshire Hathaway, Mr. Buffett’s holding company, and would consider raising another 2 billion francs in equity if the market would bear it. The company also reported a 2008 net loss of about 1 billion francs.
Mr. Buffett has moved opportunistically since the onset of the financial crisis, wrapping up deals to invest $5 billion in Goldman Sachs and $3 billion in General Electric, receiving lucrative terms in both cases.
In a statement on Thursday, Mr. Buffett said he was “delighted” with the Swiss Re deal, and was “very impressed” by the company chief executive, Jacques Aigrain, and his management team.
Berkshire already has significant business ties with Swiss Re. In January 2008, it entered a quota share arrangement with Swiss Re through which it acquired 20 percent of its new and renewed property and casualty business in exchange and acquired 3 percent of its shares at the same time. |