Omaha-based Berkshire Hathaway has taken its voting stake in Munich Re to 5.073%, the German reinsurer has confirmed in an emailed statement. The notification threshold was exceeded on February 4. The rights are held by Berkshire Hathaway Inc, OBH Inc and National Indemnity Co. Berkshire's stake rose above 3% in January. Berkshire has now become Munich Re's largest single shareholder, passing BlackRock, which had a 4.58% stake last December 1. Berkshire also holds options that give it the right to buy a further 1.945% stake in Munich Re. The exercise date for these instruments is March 11. German regulations would require Berkshire Hathaway to announce whether its holding in Munich Re rose above 10% or fell back below 5%. Berkshire Hathaway has not declared its intentions at Munich Re, although Munich Re has said that it does not view the investment as a threat.

UK-based motor repair firm Kwik-Fit has hired Crédit Suisse to carry out a review of Kwik-Fit Financial Services, with a view to a sale for more than £200m ($312m), reports the UK Sunday Times. Kwik-Fit has a total debt of more than £800m, built up by current owners, France-based private equity firm PAI, through the payment to itself of a special dividend in 2007. PAI bought the business from CVC for £800m in 2005. Kwik-Fit said that the review followed an unsolicited expression of interest in buying the company. Kwik-Fit Financial Services includes Kwik-Fit Insurance, the Green Insurance Co and Express Insurance. It employs more than 1,000 staff. Kwik-Fit CEO Ian Fraser said that "having received a number of approaches from interested parties, the time is now right to examine a range of strategic options for Kwik-Fit Financial Services to ensure the business can maximize its long-term potential".

The two winter storms that struck the eastern US this month could cost insurers in excess of $2bn, according to an initial estimate from California-based catastrophe risk modelling company EQECAT. It said that the majority of the losses would be focused in the corridor from northern Virginia to the New York metropolitan area. The EQECAT winter storm model assesses loss potential specifically from the effects of snow, ice and wind. The company said that the most common sources of claims were the result of roof damage and pipes breaking, plus ice dams in the eaves, causing water leakage. EQECAT senior vice-president David Smith said that "the storm hit at the core of a huge population density ... so it causes more impact". US insurers had a relatively benign 2009 for US weather-related claims, paying out about $22bn, compared with $50bn the year before.

Bermudian reinsurers PartnerRe Ltd and Everest Re Group posted  markedly better 2009 financials owing to improvements in both underwriting and investment results. PartnerRe's net income jumped to $1.54bn from $46.6m, as earned premiums increased 4.9% to $4.12bn and net realized and unrealized investment results swung to gains of $591.7m from losses of $531.4m. Along with the rise in premiums, PartnerRe saw a 12% decline in incurred claims losses to $2.30bn. Its core non-life segment  saw underwriting income more than triple to $655m from $199m as the combined ratio improved to 81.8% from 2008's 94.1%, which included a nine-point contribution from hurricane Ike. Similarly, Everest Re saw 2009 net income jump to $807m, swinging from a prior-year loss of $18.8m, aided largely by a decline in net realized capital losses to $2.3m from $695.8m. Everest also benefitted from $78.3m in gains on debt repurchases and saw a positive $24m swing on derivatives. On its underwriting ledger, Everest posted a 5.4% increase in earned premiums to $3.89bn, while incurred claims losses fell 2.7% to $2.37bn, improving the combined ratio to 89.6% from 95.6%.