Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett’s global re/insurance company, has confirmed its decision to relocate to Cologne, Germany from neighbouring Düsseldorf in June.
The decision has been well received by the Mayor of Cologne Henriette Reker, who has for the past year been a vocal advocate for the city as a European base for UK and international re/insurers keen to find a new EEA home with passporting rights post-Brexit.
The news of BHSI’s decision to move its German headquarters to Cologne follows the decision made earlier this year by global broker Aon to set up a new office in the city.
Additionally, speciality insurance group Newline had selected Cologne as the EU insurance hub of Newline Insurance Company last year, a move which has recently been wrapped up.
BHSI’s decision to relocate its German headquarters to Cologne further underlines the attractions offered by the ancient trading city, said Alexander Hoeckle, Head of International Business Development at the Cologne Chamber of Commerce & Industry (IHK), the co-partner with the City of Cologne in the Insurance Hub Cologne initiative.
“The news that a well-respected leading insurance and reinsurance group such as BHSI has decided to move its German headquarters to Cologne to join the long established and growing local and international market already here proves that the city has all the attributes needed to further build its position as Germany’s leading insurance centre.”
“BHSI, Newline and Aon have all paid tribute to the advantages on offer here in Cologne including the availability of skilled talent, proximity to a huge customer base and the brokers that deliver the business, the existence of a thriving and diverse local insurance and reinsurance market and, of course, excellent transport and communications,” added Hoeckle.