Buffett Pulls Out of RBS Insurance Sale: FT

Warren Buffett's Berkshire Hathaway has pulled out of the bidding in Royal Bank of Scotland's 7 billion pound ($13.62 billion) auction of its UK insurance business, the Financial Times reported on Friday.

Berkshire told the FT it had looked at the business, which includes the insurers Direct Line and Churchill, but had decided not to bid, without giving a reason.

RBS was not immediately available to comment.