Reinsurance News

Berkshire Hathaway

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

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

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