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.

AIG will sell its profitable Hartford Steam Boiler (HSB) division for $742 million to Muinch Re as the acquisition aligns with Munich Re’s plans of expanding U.S. operations. HSB grossed $904 million in 2007 and posted a net profit of $158 million. AIG is selling the unit as it continues to struggle from the credit crisis as it tries to raise money to repay government issued emergency loans. AIG purchased HSB for $1.2 billion 8 years ago. Munich Re said the purchase will not affect its EUR 5.5 expected dividend.