Berkshire Hathaway

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.

The program, expected to start doing business next month, will be wholesale-only.

The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.

The company has also appointed David Tran as head of programs, Canada.

The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.

The former Corvus president will report to Ajit Jain.

The company also encouraged insurers and brokers to support the initiative.

Underhill spent nine years at BHSI as global head of transactional liability.

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.

The take-up rate will depend on the price discount and market segment.

The conglomerate’s insurance subsidiaries will have to make do without some of their prior strategic advantages.

The facility is a nudge towards a structural change, not a full-out assault.

Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.

At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.

The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.

The facility provides up to $100mn in claims-made excess casualty coverage.

He will replace Scott Lee, who is retiring after 40 years in claims.

The two internal hires have been with BHSI for around five years.

The appointments cover US casualty, the US Central region and construction.

The executive will continue as head of BHSI’s E&P lines business.

BHSI is dividing its retail general property unit into four regions.

The carrier was seeking to expand its March 1-renewing program.

Berkshire Hathaway’s "float" rose to $171bn in 2024 from $169bn in 2023 as Buffett praised Geico’s Todd Combs.

The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.

Sources said Berkshire will move from the largest single capacity provider to a single-digit percentage line size.

The agency affirmed its A+ financial strength rating for the companies.

Mr Cooper Group said it was the target of a 2023 hacking attack.

The conglomerate expects pre-tax losses from Hurricane Milton of between $1.3bn-$1.5bn in Q4.

The panelists discussed the ILS reset and the path to maintaining discipline in this sector.

The two senior positions will be based in London.

The move comes just days after the Warren Buffett-controlled conglomerate reached the $1tn market cap mark for the first time.

Andrew Knight will fill the newly created role of country manager.

At the time of his retirement in 2008, he was RSUI's chairman and CEO.

The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.

The industry could weather a recession, unless loss costs and reserving pressures worsen.

Geico more than tripled underwriting profits.

The executive has had a 40-year career at AIG, Berkshire Hathaway and Lloyd’s.

In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.

Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.

The discrepancy between rising claim counts and favorable reserves is cause for concern.

He succeeds Darryl DeSouza, who is retiring after 10 years with the company.

Changes in investment strategy and strong results show carriers can weather financial storms.

The $6.7bn Chubb investment is an outlier in the Berkshire portfolio.

The conglomerate exited its $620mn position in Markel, which it has held since 2022.

Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.

Across three offerings, Victor increased coverage maximums by $33mn.

The insurance arm’s CoR declined 4 points to 89.3% on lower cat losses.

Freeman has spent 11 years in property leadership roles with BHSI.

The new offering marks the expansion of BHSI’s US marine facilities.

As admitted carriers pull out of riskier plays, E&S continues to expand and thrive.

Chres Lee was previously M&A counsel for Liberty Global Transaction Solutions.

He praised 2023 insurance results as other sectors were a “disappointment”.

Geico reported lower frequency, higher severity and increased favorable development.

A quick roundup of this week’s biggest stories.

Its confederation of insurance subsidiaries will have to operate with fewer strategic advantages than they do today.

The underwriter will work in the retail property team at BHSI serving the central region.

Berkshire Hathaway announced that Munger “died peacefully” in a California hospital this morning, citing the Berkshire vice chairman’s family.

The executive has over three decades of surety experience in underwriting, consulting, and claims roles, including a stint as surety claims counsel.

Lower losses reflected higher average premiums per auto policy, increased reserve releases and lower claims frequency, which were partially offset by higher severity.

Ahead of third quarter earnings, many personal lines insurers are pulling several levers to right-size their operations, including conducting layoffs and reducing exposure.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.

Joining the company in 2014 as senior underwriter, casualty, Meyer has held increasingly senior positions in BHSI’s North America casualty organization.

The two subsidiaries, which together command less than 1% of the homeowners' market share in the Golden State, are the latest to flee amid persistent inflation, high cat losses and a strict regulatory environment.

The Omaha conglomerate held its ~2.1% stake in Aon valued at nearly $1.5bn and its interest of over 3% in Markel, worth over $652mn at the end of Q2.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Geico’s CoR fell 10.3 points to 94.7%, fueled by higher average premiums per auto policy, a reduction in advertising costs and favorable reserve development.

In addition to his new role, the executive will retain his current position as head of marine for the Australasia region.

Early private deals have provided far more stability in this year’s renewal than last.

Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.