Warren Buffett To Buy Aviation Insurance Firm
Warren Buffett is planning to add another acquisition to his list of companies. Buffett's Berkshire Hathaway company is in talks to buy Global Aerospace Underwriting Managers (GAUM), owned jointly by Aviva and Royal & SunAlliance, plus a share of GAUM's insurance capacity pool, of which Aviva and Royal have 28 percent each. A deal could be announced this week. GAUM, which employs 130 people at its London head office and 250 in North America, provides insurance for most international airlines plus Boeing and Airbus. It is the world's biggest aviation insurer by premium volume, airline customers and major risks underwritten.