Berkshire Hathaway
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Unpacking how much excess capital there really is and dissecting the source of its returns. -
Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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The take-up rate will depend on the price discount and market segment.
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The conglomerate’s insurance subsidiaries will have to make do without some of their prior strategic advantages.
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The facility is a nudge towards a structural change, not a full-out assault.
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Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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The facility provides up to $100mn in claims-made excess casualty coverage.
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He will replace Scott Lee, who is retiring after 40 years in claims.
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The two internal hires have been with BHSI for around five years.
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The appointments cover US casualty, the US Central region and construction.
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