Warren Buffett has cut Berkshire Hathaway’s shareholdings in Munich Re to 9.7%, from their previous 12% level.
The notification dated September 28 means Berkshire has fallen below the 10% threshold for Munich Re voting rights.
Berkshire had held more than 10% of the shares in Munich Re since October 2010.
When the shares were purchased, Buffett said the investment was being held for the purpose of generating trading profits.
“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,” said Jörg Schneider, Munich Re’s chief financial officer.
“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,” Schneider added.
From May 2010 up to its annual general meeting (AGM) in April 2015 Munich Re bought back shares totalling around €3bn.
The reinsurer’s current share buy-back programme aims to buy back shares worth up to a further €1bn before the April 2016 AGM.