Warren Buffett this morning emerged as one of the biggest investors to be affected by Japan’s massive earthquake and tsunami, with paper losses of an estimated $150m from his investments in two of the world’s largest reinsurance companies.

The Sage of Omaha has significant stakes in Swiss Re and Munich Re, two of the world's largest re-insurers. Buffett holds the stake through Berkshire Hathaway which, through its 1998 acquisition of General Re, is also one of the world's largest re-insurers. According to Financial News calculations, that means the Sage of Omaha, as he is known, is one of the biggest investors to be affected by the earthquake, which at 8.9 magnitude is the fifth largest recorded worldwide since 1900.