Berkshire Hathaway
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Both the primary and reinsurance segments benefitted from a light cat year. -
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.
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The appointments cover US casualty, the US Central region and construction.
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The executive will continue as head of BHSI’s E&P lines business.
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BHSI is dividing its retail general property unit into four regions.
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The carrier was seeking to expand its March 1-renewing program.
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Berkshire Hathaway’s "float" rose to $171bn in 2024 from $169bn in 2023 as Buffett praised Geico’s Todd Combs.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Sources said Berkshire will move from the largest single capacity provider to a single-digit percentage line size.
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The agency affirmed its A+ financial strength rating for the companies.
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Mr Cooper Group said it was the target of a 2023 hacking attack.
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The conglomerate expects pre-tax losses from Hurricane Milton of between $1.3bn-$1.5bn in Q4.
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The panelists discussed the ILS reset and the path to maintaining discipline in this sector.
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The two senior positions will be based in London.
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The move comes just days after the Warren Buffett-controlled conglomerate reached the $1tn market cap mark for the first time.
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Andrew Knight will fill the newly created role of country manager.
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The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.
