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SUZY in the CITY: Buffett buys in.

Byline: EDITED BY SUZY JAGGER

WARREN Buffett (left), the legendary American investor, is spreading his wings into one of the most arcane corners of the City.

Yesterday he bought Marlborough Underwriting Agency, a Lloyd's market insurance underwriting business, from insurance giant CGNU, which wants to concentrate on general insurance for individuals and small businesses.

Its shares jumped 36p to 958p despite an admission that it was setting aside pounds 448million to meet the cost of possible for claims against Marlborough on policies written before this month.

The figure seemed high, CGNU argued, because some of the risk relates to possible asbestos pollution.
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Title Annotation:Business
Publication:The Mirror (London, England)
Geographic Code:4EUUK
Date:Nov 2, 2000
Words:102
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