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ISSUED 12/28/2007 FOR IMMEDIATE RELEASE

DEPARTMENT EXPEDITES LICENSING OF BERKSHIRE HATHAWAY FINANCIAL GUARANTY INSURER

Superintendent of Insurance Eric R. Dinallo announced that the New York State Insurance Department today licensed a financial guaranty insurer to be owned and operated by Berkshire Hathaway.

Under the license, the company, to be called Berkshire Hathaway Assurance Corporation, will be authorized to write financial guaranty insurance policies for municipal bonds.

"Having new entrants in the market to provide municipalities with options to enhance the credit of new bonds or to potentially provide enhanced credit for outstanding downgraded bonds is a very positive development. That is why the Department expedited the licensing of Berkshire Hathaway Assurance. We have been very supportive of capital raising efforts by the existing financial guarantors and have been working to facilitate any regulatory approvals needed. In that same vein, we will work with new entrants to ensure a vibrant competitive market. We welcome Mr. Buffett and his organization to this marketplace," said Superintendent Dinallo.

The license will have been processed and approved in a month, much quicker than the usual three to nine months.

 

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