SBD/Closing Bell

Quicken Loans Offering $1B Prize For Perfect NCAA Tourney Bracket

Warren Buffett's Berkshire Hathaway is insuring Quicken Loans' offer of a $1B prize "if a contestant predicts the winner of each game" of the '14 NCAA men's basketball tournament. The lender today said that the prize "will be paid in 40 annual installments" of $25M and "split among multiple winners" if needed. The winner "also has the option of a single payment" of $500M. Submissions "will be limited to one per household and capped at 10 million entrants." Quicken spokesperson Aaron Emerson "declined to say how much the company paid for the policy" (BLOOMBERG NEWS, 1/21).
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