The world’s top reinsurer, Munich Re, has announced today that U.S. billionaire investor Warren Buffett has increased his financial stake in the intermediary.

Buffett now owns 3.045-percent of Munich Re, up from just under 3-percent near the end of 2009. Munich Re is currently valued at $30.5-billion.

It is highly unlikely Buffett has any plans at gaining majority because his current firm, Berkshire Hathaway, is already significantly exposed to risk from the sector from its own reinsurance businesses.

Mr. Buffett firstly invested in Munich Re back in 2008.