Warren Buffett is buying as much as 15% of Munich Re

Warren Buffett who increased his stake in Munich Re to 5.2% actually holds more than 8% via “secret” accounts and is still picking up stock on a daily basis towards a target of 15%, the Telegraph reports.

The news helped insurer shares rise, the Telegraph said. Legal & General put on 2.9 to 78.8p.

Aviva gained 8.9 to 397.4p after S&P Equity Research upgraded the company to “buy” from “hold”.

The FT said insurers shares rose after the European regulator eased some of its previously proposed capital requirements.

It said Legal & General rose 3.8% to 77¾p.

Chaucer added 0.5% to 46p on renewed rumours that it was a potential target for fellow Lloyds insurer Ascot Underwriting. Analysts cautioned that such a deal might be classed a reverse takeover.

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