BERKSHIRE BUYS NRG FROM ING FOR $440M

Berkshire Hathaway has agreed to buy NRG, the reinsurance unit of Netherlands-based financial services group ING, for around $440m. ING said that it agreed to the sale of NRG, which is in run-off, in order to focus on its core insurance, banking and asset-management business. The Dutch group will take a 2007 charge of $145m in connection with the deal, which is expected to close before mid-year. NRG, launched 40 years ago as Nederlandse Reassurentie Groep, came under the sole ownership of ING in 1991, before being put into run-off in 1993. The deal will result in a capital loss post-tax for ING of about €100m.