Buffett has eyes on British insurance
US billionaire Warren Buffett is interested in buying Royal Bank of Scotland's insurance business Direct Line, a report said Sunday.
Spiralling claims from car accidents have led to heavy losses at RBS's insurance arm and the bank has brought in a team of advisors to help sell the business, according to the Sunday Times.
RBS -- which is 83-percent state-owned after being bailed out by the British government -- has been ordered by the European Commission to sell Direct Line to fall into line with competition rules.
Berkshire Hathaway, the investment vehicle owned by Buffett, is among a clutch of potential bidders interested in the business, the Sunday Times reported. US insurer Allstate has also expressed an interest, it was claimed.
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