Berkshire Hathaway

Scale of E&S growth highlighted by AmWINS submissions surge

The sheer scale of the surge of business into the excess and surplus (E&S) market has been brought starkly into focus, with wholesale giant AmWINS seeing more than one million submissions in 2019, representing 30 percent year-on-year growth.

Berkshire Hathaway shares under pressure following earnings miss

Shares in Berkshire Hathaway are expected to come under pressure on Monday after the Warren Buffett-led investment conglomerate reported lower than expected fourth quarter 2019 earnings in all three of its major segments.

All about the float

Underwriting profits in 16 out of the last 17 years and insurance investment income continue to generate float at Berkshire Hathaway.

Berkshire Hathaway Q4 UW loss drags down full-year performance

Fourth quarter 2019 underwriting losses at Berkshire Hathaway’s (re)insurance operations widened from $225mn to $857mn and contributed to a 79 percent fall in the after-tax underwriting gain from the platform to $325mn for the full year.

Jury awards $21mn against Berkshire’s Cypress and trucking company

In the latest example of a nuclear verdict out of a US court, a Georgia jury has awarded a $21mn verdict against Cypress Insurance Company and its insured in a wrongful death suit.

The Hartford Q4 beats as Berkshire ADC absorbs $117mn A&E reserve boost

The Hartford has reported core earnings of $522mn for the fourth quarter of 2019 – up 84 percent on the $282mn in the prior year period – with a $117mn increase of asbestos and environmental (A&E) reserves ceded to Berkshire Hathaway.

AIG’s Browne leaves for Berkshire Hathaway Specialty

Hilary Browne has left her position as head of casualty, international at AIG to join Berkshire Hathaway Specialty Insurance (BHSI) as country manager for Ireland and head of casualty for the carrier’s UK and European platforms.

Buffett protégé Combs to replace Roberts as Geico CEO

Veteran Geico CEO Bill Roberts will stand down from the position at the start of 2020 with Berkshire Hathaway investment manager Todd Combs replacing him.

Tradewise UK inks Berkshire Hathaway capacity deal as parent enters run-off

Gibraltar-based Tradewise Insurance Company will cease to enter any new or renewal contracts as of 31 December 2019, while its UK business – Tradewise Insurance Services – has secured capacity from Berkshire Hathaway to continue operations from 2020.

London: “most upbeat in a decade” as Berkshire Hathaway, DE Shaw mull retro return

On the eve of the 1.1 renewals, the London market is the “most upbeat in a decade” as rates continue to improve following the heavy loss experience of 2017-18 and the remedial action taken by a number of carriers including Lloyd’s, according to JMP Securities analyst Matt Carletti.

BHSI hires AIG’s Adams for Canada surety head

Berkshire Hathaway Specialty Insurance has appointed Andrew Adams as head of surety in Canada.

Liberty in $1.3bn ADC with Berkshire Hathaway

Liberty Mutual has entered into an adverse development cover (ADC) with Berkshire Hathaway to provide up to $1.3bn of reinsurance protection for a portion of its US workers comp, commercial auto and general liability reserves.

Applied rails at California regulator after court order to conserve CIC

A court has appointed a conservator and blocked the attempted merger of Applied Underwriters subsidiary California Insurance Company (CIC) with a New Mexico-based insurer, in the latest twist in the buyout of the workers compensation insurer from Berkshire Hathaway.

Berkshire Hathaway has “below-average” disclosure: KBW

Keefe, Bruyette & Woods (KBW) analyst Meyer Shields has criticised “persistently inadequate” disclosures from Berkshire Hathaway, despite better than expected operating earnings in its 2019 third quarter results released this weekend.

Berkshire Hathaway P&C reinsurance UW improves despite Q3 cat losses

The Berkshire Hathaway P&C reinsurance unit that houses Gen Re delivered a pre-tax underwriting gain of $314mn for the third quarter that was well ahead of the $67mn reported in the prior-year period despite a $281mn estimated hit from Typhoon Faxai in Japan.

Construction market facing major loss on $450mn Auckland fire

Chubb leads the insurance cover for the under-construction New Zealand International Convention Centre in Auckland, which has suffered extensive damage following a major fire on 22 October, The Insurer understands.

BHSI adds casualty and construction to French book with Axa XL hires

Berkshire Hathaway Specialty Insurance (BHSI) will now write casualty and construction business in France, appointing Olivier Antiphon as head of construction and Anne-Sophie Bonifay as head of casualty.

Applied Underwriters CEO seals Berkshire buyout in $920mn deal

Applied Underwriters founding CEO Steve Menzies has completed a transaction to buy the workers compensation specialist’s core insurance subsidiaries from Berkshire Hathaway in a move first revealed by The Insurer.

Swiss Re CorSo sells healthcare professional liability renewal rights to Berkshire

Berkshire Hathaway subsidiary MedPro Group has agreed a deal to acquire the renewal rights for Swiss Re Corporate Solutions’ healthcare professional liability business as the carrier retrenches from the segment in the US.

E&S poised for further growth after 15% H1 expansion: Fitch

A new report from Fitch provides further evidence of the buoyant US excess and surplus lines (E&S) market, with accelerating top line growth of 15 percent in the first half of the year.

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