Reinsurance News
Berkshire Hathaway
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
Ogden rate cut & Berkshire adverse development cover to impact AIG’s Q1 results
20th April 2017
American International Group, Inc. (AIG) has reported that it expects both the cut to the UK Ogden Discount rate and its adverse development cover with Berkshire Hathaway to impact its Q1 2017 results. The Lord Chancellor and Justice Secretary, Liz Truss, announced early in 2017 that the UK Ogden discount ... Read the full article
Berkshire Hathaway’s Gen Re reveals growing predictive analytics uptake
20th April 2017
Berkshire Hathaway’s Gen Re - a leading life/health and property/casualty reinsurer - released results from its first global predictive analytics survey for life and health insurers, revealing low but growing levels of analytics uptake within a sector still struggling to innovate. The report surveyed 136 insurance carriers across 23 countries, and ... Read the full article
Warren Buffett’s Berkshire Hathaway should buy AIG: KBW analyst
13th March 2017
Keefe, Bruyette & Woods analyst Meyer Shields offered Warren Buffett some bold advice on Friday, laying out the case for Berkshire Hathaway buying insurance giant AIG. Shields and his fellow KBW analysts said that Peter Eastwood, the current head of Berkshire Hathaway Specialty Insurance (BHSI) and formed AIG CEO of Property ... Read the full article
Buffet says Berkshire Hathaway is poised for a market turn
28th February 2017
In his annual letter to Berkshire Hathaway shareholders, the Sage of Omaha Warren Buffett explains that his insurance and reinsurance companies are ready to take advantage of a market turn or dislocation. Not only is Berkshire Hathaway ready to take advantage of any turn, due to its enormous cash piles, Buffett ... Read the full article
Re/insurance set for lower returns as higher-yielding assets mature: Warren Buffett
27th February 2017
Warren Buffett’s annual letter to the shareholders of Berkshire Hathaway is always peppered with insights, and this years edition was no different. Buffett pointed out a number of interesting trends affecting the reinsurance industry today and even made the odd forecast for the future. One of his forecasts was something he has ... Read the full article
Rise in large industrial claims driving reserve surprises, suggests J.P. Morgan
17th February 2017
Following AIG's recently announced $2.79 billion Q4 loss as a result of a $5.6 billion reserve charge, analysts at J.P. Morgan have suggested that the negative surprise, which is unlikely to be exclusive to AIG, could be the result of increased large industrial claims, particularly in the U.S. AIG's fourth-quarter 2016 ... Read the full article
AIG reserve charge to be offset by NICO adverse development reinsurance
14th February 2017
Insurer AIG has reported its latest set of results and a significant loss, largely due to adverse reserve developments, demonstrates the importance of the recently completed retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and the firm. American International Group (AIG) reported yet another quarterly loss, as the ... Read the full article
Berkshire Hathaway Specialty opens London office, expands exec team
8th February 2017
Berkshire Hathaway (BHSI) today announced the creation of a new affiliate London office, its key executive roles have already been filled with industry experts joining from Allied World, Travelers Europe and AIG. The new office will serve brokers and customers in the UK and Southern European countries, including Ireland, Spain, France ... Read the full article
AIG deal the first big enough to risk Berkshire underwriting profit: Credit Suisse
24th January 2017
The recently announced retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and AIG is the first deal big enough to jeopardise an underwriting profit in Berkshire's P&C business, according to analysts at Credit Suisse. The deal announced last week sees Berkshire Hathaway subsidiary National Indemnity Company (NICO) providing ... Read the full article
AIG gets adverse development reinsurance from Berkshire Hathaway
20th January 2017
American International Group, Inc. (AIG) has entered into a $9.8 billion adverse development reinsurance agreement with Berkshire Hathaway subsidiary, National Indemnity Company (NICO), effective January 1st, 2016. The $9.8 billion transaction covers 80% of substantially all of AIG's U.S. commercial long-tail exposures for accident years 2015 and prior, and this includes the ... Read the full article
Berkshire Hathaway gains reinsurance license for Malaysia market
17th January 2017
Warren Buffett's Berkshire Hathaway is set to enter the Malaysian reinsurance market, having received a license from Labuan FSA to provide non-life products in the country, through its Berkshire Hathaway Specialty Insurance Company (BHSI) arm. Berkshire Hathaway has been expanding steadily into Asian and Pacific insurance and reinsurance markets, as the ... Read the full article
Berkshire Hathaway in $1.5bn reinsurance agreement with The Hartford
3rd January 2017
Warren Buffett’s National Indemnity Company (NICO), a Berkshire Hathaway Inc subsidiary, has entered into a $1.5 billion aggregate excess of loss reinsurance agreement with The Hartford. With a reinsurance premium set at $650 million, the agreement will provide $1.5 billion of reinsurance covering adverse net loss reserve development on ... Read the full article
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