Brussels, 03/03/2003 (Agence Europe) - The European Commission has approved the acquisition of joint control by the US holding company Berkshire Hathaway and the Swiss reinsurance company Converium of the UK undertaking Global Aerospace Underwriting Managers Limited ("GAUM"), previously jointly controlled by the UK insurance companies Aviva and Royal & Sun Alliance. Berkshire Hathaway is a US based holding company engaged in various business activities, the most important of which are property and casualty insurance. Converium is a Swiss based company primarily active in the provision of reinsurance. The parties' activities overlap with respect to the provision of underwriting and management services in the field of aerospace insurance. Indeed, prior to the transaction, both Berkshire Hathaway and Converium controlled companies which perform the same services as GAUM. The Commission's review showed that there are sufficient competitive constraints from both actual and potential suppliers, such as Allianz and Winthertur. In terms of the markets for the provision of aerospace insurance and reinsurance, the Commission concluded that in any event the aerospace insurance and reinsurance markets are characterised by strong competition among a large number of companies, which will prevent any potential combination of Berkshire Hathaway and Converium from exercising any form of market power.