WASHINGTON, Feb 12: Billionaire investor Warren Buffett on Tuesday said he offered to reinsure $800 billion in municipal bonds backed by three insurers hard hit by the US mortgage and credit crunch.

Buffett discussed his offer to bond insurers Ambac Financial Group, MBIA Inc. and Financial Guaranty Insurance Co. during a telephone interview with the CNBC business television network.

Buffett said he had sent that offer to the three bond insurers last week, and that he was giving them 30 days to find a better deal.

He said one bond insurer had turned down the offer and the other two had not responded.

—AFP