NEW YORK (AP) — A property and casualty unit of American International Group Inc. is transferring potential asbestos liabilities to a subsidiary of Warren Buffett’s Berkshire Hathaway Inc. to reduce its risk.

Chartis, a core part of New York-based AIG, said Wednesday that had agreed to pay Berkshire’s National Indemnity about $1.65 billion for a retroactive reinsurance policy that will cover up to $3.5 billion in asbestos losses.

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