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To: yard_man who wrote (226894)	3/10/2003 2:31:11 PM
From: ild	Respond to of 436258

14:24 ET Buffett comments weigh on insurers : Insurance group has experienced notable sell pressure today (BER -4.9%, AIG -4.8%, MBI -4.2%, PGR -3.3%, MMC -2.8%). Contributing to weakness in group are comments by Warren Buffett in his letter to Berkshire Hathaway shareholders. Although Berkshire delivered a record profit, Mr. Buffett was extremely negative on practices at his General Re unit. Stated that General Re had accumulated an aggregation of risks that would have been fatal if terrorists had detonated several large-scale nuclear bombs in the U.S., and that the World Trade Center attack alone would have threatened its existence if General Re had remained independent. Mr. Buffett also disclosed that one of the world's largest reinsurers had "all but ceased paying claims, including those both valid and due." Buffett said this co "owes many billions of dollars to hundreds of primary insurers who now face massive write-offs."