Warren Buffett said Berkshire Hathaway is selling its Applied Underwriters workers compensation unit, the investor told CNBC’s Becky Quick on Monday.
The sale of Applied Underwriters represents a rare divestment by Buffett. His corporate empire represents nearly 100 business in multiple sectors and Buffett does not usually seek to cash out after acquiring a company. Reuters first reported that Applied Underwriters may soon be sold.
San Francisco-based Applied Underwriters sits outside Berkshire Hathaway’s insurance focus, making it a non-core asset Buffett wishes to shed, Reuters reported.
Applied Underwriters provides bundled workers compensation and other employment-related insurance products targeted to small and medium-sized businesses.
– Reuters contributed to this report.
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