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Reinsurance News

Berkshire Hathaway

Retroactive reinsurance huge opportunity for European players: Jefferies

17th April 2018

Jefferies Group has released a report that questions Berkshire Hathaway’s dominance of the retroactive reinsurance sector, suggesting that it represents a huge opportunity for European reinsurers to exploit. The report observes that reinsurers have been pushing for growth in traditional markets with highly competitive renewals set for April and June, but ... Read the full article

No one as financially prepared as Berkshire for a $400bn mega-cat: Warren Buffett

5th March 2018

Addressing shareholders in his 2017 annual Chairman's letter, Warren Buffett underlined the financial strength of Berkshire Hathaway, highlighting its ability to respond to a $400 billion mega-catastrophe event. On the back of 14 consecutive years of underwriting profits, Berkshire Hathaway fell to an underwriting loss in 2017 as a result ... Read the full article

Berkshire Hathaway falls to underwriting loss, AIG contract outlook worsens

26th February 2018

Warren Buffett's Berkshire Hathaway fell to an underwriting loss due to the impact of 2017 catastrophe events drove $3 billion of losses, while at the same time the firm increased its liability estimates for the AIG adverse development coverage (ADC) contract. Hurricanes Harvey, Irma and Maria alone drove $3 billion of ... Read the full article

Berkshire Hathaway, Amazon & JP Morgan partner to address U.S. employee healthcare

30th January 2018

Warren Buffett's Berkshire Hathaway, Amazon, and JPMorgan Chase & Co. have announced a new partnership to address healthcare for their U.S. employees, designed to improve employee satisfaction and to lower costs. The partnership, which combines the knowledge and expertise of the three companies, will focus on its objective via an independent company ... Read the full article

Ajit Jain named to Berkshire Hathaway board as Vice-Chair Insurance

10th January 2018

Changes are afoot at Warren Buffett's conglomerate Berkshire Hathaway today, with two new board director positions being created, one of which sees long-time reinsurance chief Ajit Jain becoming Vice Chairman of Insurance Operations. Ajit Jain has led the reinsurance business at Berkshire Hathaway for some years now, having joined the Berkshire ... Read the full article

Berkshire Hathaway suffers $3bn cat hit, drives re/insurance to underwriting loss

6th November 2017

Warren Buffett's conglomerate Berkshire Hathaway has suffered around $3 billion of losses from the recent major catastrophe events, which has driven his re/insurance businesses to an underwriting loss for the quarter. Berkshire Hathway now faces the prospects of suffering its first full-year underwriting loss in 15 years, as the impacts of ... Read the full article

Harvey insured loss will be large, Geico exposure similar to Sandy: Warren Buffett

30th August 2017

Warren Buffett of reinsurance and investments giant Berkshire Hathaway said today that he expects that the insured loss from hurricane Harvey will be large, but uninsured will eclipse it, while also admitting that his auto insurer Geico could face a similar impact to the one it suffered from superstorm Sandy. Speaking ... Read the full article

Kemah Capital signs underwriting agreement with Berkshire Hathaway companies

21st August 2017

Specialty lines managing general agency (MGA) Kemah Capital has entered into an agreement with members of the Berkshire Hathaway group of re/insurance companies that will see it underwrite a portfolio of business for the firms. The underwriting agency agreement will allow Kemah Capital to write a varied portfolio on behalf of ... Read the full article

Berkshire Hathaway capacity to back medical professional liability facility

17th August 2017

Berkshire Hathaway's MedPro Group has announced plans to expand its underwriting of clinical solutions risks that extend beyond U.S. borders through participating in the U.S. Jurisdiction medical professional liability facility of The Medical Professional Liability Company (The MPLC). Warren Buffett's insurance and reinsurance group Berkshire Hathaway will put capacity to work ... Read the full article

Berkshire Hathaway falls to underwriting loss on AIG, Ogden, reserves & cats

7th August 2017

Warren Buffett's Berkshire Hathaway reported its second-quarter and half-year results on Friday, revealing an underwriting loss as a number of factors impacted profits at Buffett's insurance and reinsurance divisions. Overall insurance underwriting fell to a -$22 million loss at Berkshire Hathaway, down from an underwriting profit of $337 million in the ... Read the full article

Berkshire Hathaway Specialty Insurance opens Dublin office, names P&C manager

2nd August 2017

Berkshire Hathaway Specialty Insurance Company (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced the launch of a new Dublin, Ireland office and the appointment of Cormac McNamara as the unit's Property & Casualty (P&C) Manager. McNamara joins the firm with 24 years of insurance industry experience across the UK and ... Read the full article

Buffett’s Berkshire Hathaway in talks to acquire IRB Brasil Re stake: Reports

25th July 2017

Bloomberg has reported that Warren Buffett's Berkshire Hathaway is in talks to acquire a stake in Brazilian reinsurer, IRB Brasil Resseguros S.A. (IRB Brasil Re), after the Rio de Janeiro-based firm launched an initial public offering (IPO) on Friday July 7th, 2017. Reinsurance News reported that IRB Brasil Re, Brazil's largest ... Read the full article

Berkshire Hathaway’s Nico drives $2.4bn net loss for group of U.S. reinsurers

24th May 2017

Analysis from the Reinsurance Association of America (RAA) reveals that a group 18 U.S. reinsurers fell to a net income loss of $2.4 billion in the first-quarter of 2017, driven largely by National Indemnity Company (Nico) recording a net income loss as its combined ratio surpassed 100% coupled with over $5.8 ... Read the full article

Gen Re hires William Casill (ex-AXA Equitable) as new Chief Actuary

22nd May 2017

Gen Re, the Berkshire Hathaway owned specialist reinsurance company, has hired William (Bill) Casill, FSA, as Senior Vice President and Chief Actuary of its North American life and health business. Casill was most recently with AXA Equitable, where he held the role of Head of Reinsurance and Corporate Chief Underwriter. In his ... Read the full article

Gen Re gets IRDAI approval to open Mumbai branch

15th May 2017

Gen Re, which is owned by Warren Buffett's Berkshire Hathaway, has received final approval from the Insurance Regulation and Development Authority of India (IRDAI) to open a Mumbai branch. The new branch will allow the firm to deliver reinsurance solutions from a local base, enabling a more efficient operation within the Indian ... Read the full article

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