Warren Buffett's Berkshire Hathaway (>> Berkshire Hathaway Inc.) has won a licence to provide reinsurance services in Malaysia, the billionaire investor's group said, as it expands operations in Asia.
Berkshire Hathaway Specialty Insurance Company (BHSI) said in a statement on Monday it has established an office in the Malaysian capital Kuala Lumpur to provide the non-life reinsurance services.
"After putting down roots in Singapore, Hong Kong, and Macau, we are pleased to further expand our operations in Asia...," BHSI Asia President Marc Breuil said in the statement.
The southeast Asian nation has attracted several insurers lately, who are eyeing its long-term potential. Canada's Sun Life Financial Inc (>> Sun Life Financial Inc) and Malaysian sovereign wealth fund Khazanah Nasional [KHAZA.UL] were in talks to buy Hong Leong Financial Group Bhd's (>> Hong Leong Financial Group Berhad) insurance business, Reuters reported last year.
Reuters also reported that Tokio Marine Holdings Inc (>> Tokio Marine Holdings Inc) was in exclusive talks to buy RHB Bank's (>> RHB Capital Bhd) general insurance unit.
BHSI is part of Berkshire Hathaway's National Indemnity group of insurance companies. National Indemnity has $194.4 billion in total admitted assets and $112.2 billion in policyholder surplus, according to BHSI's website.
(Reporting by Liz Lee; Editing by Muralikumar Anantharaman)