Berkshire Hathaway
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Carriers underweight in E&S could lead the charge in the next round of M&A. -
The policy includes a $200mn limit with an additional $100mn for side A coverage.
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The company announced several moves Monday, including the promotion of Nancy Pierce to Geico CEO.
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The CEO thanked his friends and colleagues and said he was “going quiet”.
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Both the primary and reinsurance segments benefitted from a light cat year.
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The executive will initially focus on casualty fac business incoming as the result of the Markel renewal rights deal.
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The program, expected to start doing business next month, will be wholesale-only.
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The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.
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The company has also appointed David Tran as head of programs, Canada.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The former Corvus president will report to Ajit Jain.
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The company also encouraged insurers and brokers to support the initiative.
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Underhill spent nine years at BHSI as global head of transactional liability.
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Unpacking how much excess capital there really is and dissecting the source of its returns.
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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.
