Municipal bond insurer Berkshire Hathaway Assurance Corp. garnered little attention in Warren Buffett’s annual letter to the shareholders of parent company Berkshire Hathaway Inc.

BHAC, launched in December 2007, wrote just $40 million in premiums last year, compared with $595 million the year before. This was “a result of changing market conditions and demand,” said the company’s annual report, also released Saturday.

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