Florida OKs Berkshire Hathaway to insure municipals

NEW YORK, March 10 (Reuters) - The state of Florida on Monday said it approved Berkshire Hathaway's (BRKa.N: Quote, Profile, Research) insurance company as a new guarantor for municipal bonds, the third state to grant a license to one of Warren Buffett's latest ventures.

New York became the first state to approve Berkshire Hathaway in late December, followed by Maryland in February.

The $2.6 trillion U.S. municipal bond market has been hammered by problems afflicting several bond insurers, and a Florida official explained the state hopes the new insurer will add competition and stability to the market. The license was approved on Friday, he added. (Reporting by Joan Gralla)