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Buyout of Berkshire Hathaway Insurance Unit Under Scrutiny

A former insurance subsidiary of Warren Buffett’s Berkshire Hathaway Inc. sparred with the California Department of Insurance on Monday about whether its recent sale violated state insurance regulations.

Applied Underwriters, a workers’ compensation insurer, said Wednesday that its co-founder Steve Menzies and Quadrant Management bought the company, including the 81% owned by Berkshire, for $920 million. Berkshire said in a regulatory filing on Oct. 15 that it completed the sale of its stake Oct. 10.

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