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Warren Buffett Watch
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Warren Buffett's new bond insurer has seen its business "skyrocket" since opening for business just five months ago.
In a big-picture piece summarizing first quarter results, Dow Jones Newswires compares the early numbers from Berkshire Hathaway Assurance Corp. to the established, and struggling, bond insurers like MBIA [MBI
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], Ambac [ABK
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] and Security Capital Assurance [SCA
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].
DJ's conclusion: "The strong are getting stronger at the expense of the weak." Armed with its new AAA ratings from S&P and Moody's, BHAC "reported the highest premiums of any bond insurer for the (first) quarter, at about $400 million."
All of that is for backing muni bonds. Buffett has said BHAC won't be going near the riskier subprime securities that led to problems for the more established players.
Current Berkshire price: [US;BRK.A
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- Cramer: Connecticut AG Blumenthal's Berkshire Probe "Insulting" to Buffett (May 5)
- Connecticut Attorney General: Berkshire-Moody's Relationship "Symptom" of Flawed Credit Rating System (May 1)
- Connecticut Reportedly Investigating Berkshire Hathaway for Possible Moody's Conflict (May 1)
- Warren Buffett's Bond Insurer Rapidly Reaps Second AAA Rating (April 25)
- Warren Buffett's Bond Insurer Gets Top Rating from S&P (April 11)
- Why California Isn't Buying Warren Buffett's Bond Insurance (March 29)
Data is a real-time snapshot *Data is delayed at least 15 minutes