CORRECTED-Swiss Re to receive $610 million in Berkshire settlement

Thu Mar 28, 2013 3:00am EDT

(Corrects spelling of Warren Buffett's surname)

ZURICH, March 28 (Reuters) - Swiss Re said on Thursday it has settled a dispute with Berkshire Hathaway over a life retrocession agreement concluded in 2010 and will receive a $610 million payment from the company of U.S. investor Warren Buffett.

The Swiss reinsurer said the total protection provided by Berkshire will be reduced from $1.5 billion to $1.05 billion and that the deal is expected to provide it with an initial first-quarter gain of $100 million. (Reporting by Martin de Sa'Pinto; Editing by David Goodman)