Reinsurance News

Berkshire Hathaway

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

Buffett targets Japan earthquake re/insurance with Berkshire Hathaway

27th December 2016

Warren Buffett is targeting a move into Japanese earthquake reinsurance through his Berkshire Hathaway Specialty Insurance unit, according to a report. The Nikkei reported that Berkshire Hathaway Specialty Insurance is set to move into Japanese earthquake reinsurance, by backing Japanese insurers, citing Marc Breuil, Regional President Asia at BHSI. Buffett's Berkshire ... Read the full article

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