Buffett’s Berkshire Looking at Royal Bank of Scotland’s Insurance Unit

Warren Buffett said Sunday his Berkshire Hathaway Inc. insurance and investment company may be “close” to buying a medium-sized British company and “will look” at Royal Bank of Scotland Plc’s possible divestiture of its insurance unit.

Earlier Sunday, the Sunday Express said Buffett was exploring a bid for RBS’ Direct Line home and motor insurance business, according to a published report.

Last month, RBS said it was considering the sale of all or part of RBS Insurance, Britain’s second-largest general insurer, to shore up its balance sheet.

Analysts and bankers have valued the business at up to £8 billion ($15.8 billion).

Separately, Buffett said the Brazilian real remains the only currency in which Berkshire has a position. Also on currencies, he said he believed the Canadian dollar will be stronger against the U.S. dollar in 10 years.

(Reporting by Jonathan Stempel; Editing by Andre Grenon)