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Warren Buffett cuts Munich Re stake to below 5 percent

Warren Buffett, Chairman and CEO, Berkshire Hathaway, speaks at the Fortune's Most Powerful Women's Summit in Washington October 13, 2015. REUTERS/Kevin Lamarque

FRANKFURT (Reuters) - Warren Buffett has cut his stake in German reinsurer Munich Re (MUVGn.DE) again, after warning earlier this year that prospects for the reinsurance industry had turned gloomier.

Buffett cut his holding to 4.6 percent from 9.7 percent previously, a regulatory filing by Munich Re showed late on Friday.

Buffet's companies Berkshire Hathaway Inc. (BRKa.N) and National Indemnity Company had cut their holding in Munich Re from around 12 percent in September.

In May, Buffet told Berkshire Hathaway shareholders that the reinsurance business was "unlikely to be as good as it was".


(Reporting by Maria Sheahan; Editing by James Dalgleish)