Berkshire Lends a “Helping Hand” to AIG and XL Capital

Warren Buffett is not one to deny a friendly helping hand to companies in financial distress — at a price, of course! The Wall Street Journal reported today that a subsidiary of Berkshire Hathaway signed “cut-through endorsements” with AIG and XL Capital when they were struggling last year due to impaired credit ratings. Cut-through endorsements directly protect the buyer of a policy by providing backup coverage in cases where the primary insurer defaults on its obligations. Read this article for more details.

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