Berkshire Hathaway Not Bidding for RBS Insurance

Berkshire Hathaway will not bid for the $14 billion auction of the Royal Bank of Scotland's insurance business.
The firm, owned by billionaire investor Warren Buffett, has not given a reason for the pull-out.

"Although we had looked at it, we are not participating in the bidding," said Debbie Bosanek of Berkshire Hathaway.

The bank has also refused to comment, the Financial Times reports.

Buyers still left in the auction include Assicurazioni Generali SPA, AXA SA, Allianz SE and Zurich Financial AG.

Several private equity groups have already been excluded for not being able to raise the funds necessary.

Insurers Direct Line and Churchill, both owned by the bank, are for sale in the auction.

The deadline for bids is May 28th.