SAN FRANCISCO - California has issued an insurance license to Berkshire Hathaway Assurance Corp., giving Warren Buffett's new bond insurance venture an entrée into the nation's largest single market.

The state's insurance department said it expedited the BHAC license because of the turmoil roiling the monoline bond insurance industry, which was exemplified Friday when Standard & Poor's downgraded Financial Guaranty Insurance Co. six notches to BB from A.

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