UPDATE: AIG Passes Asbestos Liabilities to Berkshire Hathaway (AIG, BRK.A, BRK.B, BRK-A, BRK-B)

AIG AIG enters into a Loss Portfolio Retrocession Agreement with Berkshire Hathaway BRK BRK BRK BRK. The agreement will transfer most of AIG's asbestos (a toxic substance traditionally found in old structures) liabilities to Berkshire Hathaway. In exchange for a payment of approximately $1.65 billion, NICO will assume from Eaglestone the bulk of AIG's asbestos loss portfolio previously assumed by Eaglestone.