Dec. 28 (Bloomberg) -- Berkshire Hathaway Inc. will buy a reinsurance unit from ING Groep NV, the biggest Dutch financial- services company, gaining access to assets that Chairman Warren Buffett can invest.

Berkshire will pay about 300 million euros ($440 million) for NRG NV, which hasn't taken on new business since 1993, Raymond Vermeulen, a spokesman for Amsterdam-based ING, said today in an interview. Berkshire, based in Omaha, Nebraska, will assume tobacco and asbestos liabilities along with 575 million euros of treasury bonds, he said.

Berkshire may be able to profit on money NRG set aside for future claims. Last year, Buffett agreed to reimburse Lloyd's of London, the world's largest insurance market, for future asbestos claims in exchange for $7.12 billion that Berkshire is investing until they come due.

``It could take a very long time before claims will originate from the remaining reinsurance contracts,'' Vermeulen said. ``That would have forced us to put aside capital that we want to use for other activities.''

Buffett told investors in March that Berkshire's success in the Lloyd's deal ``depends on how much known claims will end up costing us, how many yet-to-be-presented claims will surface, how soon claim payments will be made and how much we earn on the cash we receive before it must be paid out.''

`Odds Are in Our Favor'

``I think the odds are in our favor,'' he wrote in his annual letter to shareholders. ``Should we be wrong, Berkshire can handle it.''

Losses from disasters including the 1989 Exxon Valdez oil spill convinced Amsterdam-based ING to stop writing new business at NRG, Vermeulen said. The company has already sold its life reinsurance subsidiaries and settled other insurance liabilities, the company said. Reinsurance is coverage for insurers.

ING's separate U.S.-based reinsurance unit is still underwriting new business, Vermeulen said, declining to say whether the company has plans to sell the business.

``The sale is part of ING's strategy to focus on its core insurance, banking and asset management businesses,'' ING said in a statement. The transaction will result in a capital loss after tax of about 100 million euros in 2007, the statement said. The transaction is expected to be completed in the first half of 2008.

Ice Cream, Jets

Buffett built Berkshire into a $210 billion holding company by investing premiums from insurance subsidiaries such as Geico Corp., the fourth-largest U.S. car insurer, until claims need to be paid. The company's operating businesses include ice cream company International Dairy Queen Inc., business-jet fleet operator NetJets Inc. and carpet maker Shaw Industries.

The reinsurance acquisition is Buffett's third move in a week to put more of Berkshire's $45 billion in cash to work. The company will pay $4.5 billion to gain control of Marmon Holdings Inc., the Pritzker family's closely held collection of 125 companies, Buffett announced Dec. 25. Berkshire was granted a license today to open a bond insurance business in New York.

Buffett said in May he'd be willing to spend as much as $60 billion on the right company. Prior to Marmon, the largest acquisition he announced in 2007 was a January deal to buy VF Corp.'s underwear and pajama unit for $350 million.

Berkshire spokeswoman Jackie Wilson didn't respond to requests for comment.

Berkshire rose $3,300, or 2.4 percent, to $141,100 in New York Stock Exchange composite trading. The shares have surged 28 percent this year. ING fell 7 cents, or 0.3 percent, to 26.78 euros in Amsterdam. The stock has declined 20 percent in 2007.

To contact the reporters on this story: Erik Holm in New York at eholm2@bloomberg.net; Martijn van der Starre in Amsterdam at vanderstarre@bloomberg.net

Last Updated: December 28, 2007 17:19 EST