Berkshire Hathaway Inc. and National Indemnity Company stated their shareholdings in Munich Re have fallen below the threshold of 10 percent of voting rights — and now are at 9.7 percent.

In an announcement, Munich Re said information about the change in shareholding was contained in a voting rights notification dated September 28, 2015. Previously, these companies, controlled directly or indirectly by Warren Buffett, held around 12 percent of the share capital of Munich Re.

Munich Re said the companies have held more than 10 percent of its shares since October 2010. “When the shares were purchased, Buffett said that the investment was being held for the purpose of generating trading profits,” the reinsurer added.

Jörg Schneider, chief financial officer of Munich Re, commented: “We are pleased that Warren Buffett has been a significant shareholder for many years. In the 135-year history of our business, we have often seen changes to our shareholder structure. Most of our shareholders now come from countries other than Germany, and the percentage of private investors has increased strongly. Most of our shareholders are long-term investors who have been with us for years. In the future, we will also ensure that our shareholder community remains spread over many countries and different investor groups.”

Munich Re said details about its shareholder structure can be found on the investor relations pages of its website.

Munich Re has distributed dividends of over €6 billion ($6.7 billion) since 2010, the company said. In the period from May 2010 up to the annual general meeting in April 2015, Munich Re bought back shares totaling around €3 billion ($3.4 billion). The current share buy-back program is intended to buy back shares worth up to a further €1 billion ($1.1 billion) before the annual general meeting in April 2016, Munich Re said.

Source: Munich Re