Top Stories
Top Stories
Markets

Buffett confirms Berkshire Hathaway selling workers comp unit

Key Points
  • The sale of Applied Underwriters represents a rare divestment by Warren Buffett.
  • Applied Underwriters provides bundled workers compensation and other employment-related insurance products targeted to small and medium-sized businesses.
VIDEO1:4201:42
Warren Buffett: Berkshire in talks to sell Applied Underwriters

Warren Buffett confirmed on CNBC on Monday that Berkshire Hathaway is selling its Applied Underwriters workers compensation unit.

The sale of Applied Underwriters represents a rare divestment by Buffett. His corporate empire represents nearly 100 businesses in multiple sectors, and Buffett does not usually seek to cash out after acquiring a company. Reuters first reported that Applied Underwriters may soon be sold.

San Francisco-based Applied Underwriters sits outside Berkshire Hathaway's insurance focus, making it a noncore asset Buffett wishes to shed, Reuters reported.

Applied Underwriters provides bundled workers compensation and other employment-related insurance products targeted to small and medium-sized businesses.

Reuters contributed to this report.