Berkshire Hathaway Insurance Group has announced that its new Irish subsidiary, Berkshire Hathaway European Insurance DAC (BHEI), has been granted a Certificate of Authorisation by the Central Bank of Ireland to operate as an insurer in Ireland and the European Economic Area (EEA).
Based in Dublin, BHEI will operate as a Designated Activity Company, providing service to Berkshire Hathaway’s customers and brokers in Ireland and across the EU.
The unit will be the insurance company utilised by a number of Berkshire Hathaway’s insurance brands operating in the EEA, including Berkshire Hathaway Specialty Insurance, MedPro, and Faraday.
In order to ensure a smooth transition following Brexit, EEA business previously transacted through BHEI’s UK-based parent, Berkshire Hathaway International Insurance Limited (BHIIL). will be transferred to BHEI.
BHIIL, however, will continue to operate its general insurance business in the UK market and overseas under its existing licenses.
Berkshire Hathaway explained that BHEI intends to commence writing business by the end of March 2019.