Buffett Will Sell Less Catastrophe Reinsurance This Year -CNBC

Buffett:Will Sell Less Catastrophe Reinsurance This Year -CNBC: "In order to keep a comfortable cushion of capital on hand, Berkshire Hathaway Inc. (BRKA) will sell less catastrophe reinsurance this year, said Warren Buffett, the company's chairman.

Buffett said he aims to keep an 'absolute minimum' of $10 billion in available capital on hand in the company, he said during a Monday interview on CNBC's Squawk Box.

'I like to have quite a bit more than that to be sure we don't go below that,' he said. 'We could have a hurricane,' which would deplete reserves. 'What has changed is that we will do less catastrophe reinsurance this year,' he said.

Buffett also hedged on whether he would be interested in buying more shares of American Express Co. (AXP) or General Electric Corp. (GE), now that shares of both companies are below the price he has paid in the past.

In the case of American Express, a long-time Berkshire Hathaway holding, Buffett said that because of the company's new status as a bank holding company, he would need the Federal Reserve's approval to go above his current stake."

Source: CNN