Berkshire Hathaway

Given better pricing following a disappointing January 1, the company increased its exposure significantly.

The carrier also reported lower claims frequencies, offset by increases in claims severities.

Browne becomes deputy global chief underwriting officer and Holmes assumes the role of global underwriting officer of property for energy and construction.

Byrnes joined BHSI almost four years ago as construction vice president for the US Eastern region, overseeing construction professional liability.

The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.

Buffett said Berkshire's financial strength allows its insurance subsidiaries to “follow valuable and enduring investment strategies” unavailable to competitors.

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The deterioration was driven by increased cost inflation in property and physical damage claims, which began to accelerate in the second half of 2021 and continued through 2022.

Five auto insurers receive approval to raise rates after 32-month halt by the California Department of Insurance.

It is understood that the executive will be joining the conglomerate’s reinsurance business, run by Ajit Jain.

The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.

Murphy will fill the position left vacant after former board member David Gottesman died on September 28.