Berkshire Hathaway

Insurers and ILS investors exposed to $1.4bn PG&E Cali wildfire cover

As wildfires continue to ravage large swathes of California, insurers face potential exposure through the upsized $1.4bn insurance cover bought by Pacific Gas and Electric Company (PG&E) on 1 August 2018 after the utility firm admitted it could be on the hook for billions of dollars in liability.

$Berkshire Hathaway’s modest Q3 cat bill of $372mn a fraction of rivals$

Berkshire Hathaway’s modest Q3 cat bill of $372mn a fraction of rivals

After a 2017 cat loss bill of $3bn, Berkshire Hathaway’s 3Q 2018 modest cat losses of $372mn are a fraction of rivals, such as AIG’s hefty $1.62bn and Swiss Re’s $1.1bn.

State Farm and Heritage control storm-warned Hawaii’s homeowner market

US giant State Farm dominates almost a third of the $383.6mn homeowner’s market in Hawaii, which stands in the path of Category 3 Hurricane Lane.

Insurance gains bolster Berkshire Hathaway’s Q2 profits

Profit increases across all of Berkshire Hathaway’s main insurance segments helped propel the Warren Buffett-led conglomerate to an impressive earnings beat for the second quarter.

The Hartford’s talcum powder liabilities excluded from Nico $1.5bn ADC

Berkshire Hathaway has excluded talcum powder-related exposures from the $1.5bn adverse development cover (ADC) it struck with The Hartford in late 2016.

Berkshire Hathaway loosens terms on share buybacks

Warren Buffett’s Berkshire Hathaway has eased conditions around repurchasing its own stock in a move that may signal an ambition to ramp up share buybacks.

Berkshire Hathaway’s Abel made Aegis London non-exec

Berkshire Hathaway’s chairman of non-insurance business operations and potential Warren Buffett successor Greg Abel has been made a non-executive director of Aegis London’s board.

Munich Re still largest reinsurer as Berkshire leapfrogs into third place

Munich Re remains the industry’s largest reinsurer after writing $35.67bn of reinsurance premiums in 2017 with Swiss Re in second place and a $29.95bn book.

Berkshire Hathaway’s return to insurance profit outshines equity loss

It is never nice to post a $6.2bn loss in your equity portfolio in one quarter - least of all when you are Berkshire Hathaway, the company famous for its stock picking boss - but that load looks a little lighter when your (re)insurance operations return to profitability and it dawns that the loss is really a matter of accounting.

BHSI mints Perth office with Chubb hires

Berkshire Hathaway Specialty Insurance (BHSI) is continuing to make a concerted push into Australia as it opens a new office in Perth

Legacy gold rush continues with Quest’s $300mn+ Bermuda build

Re-Insurance.com tracks all the fund-raisings in 2017-18 as interest in the discontinued sector continues to grow…

High prices and debt put Berkshire off 2017 acquisitions

Seemingly high valuations and an M&A environment fuelled by cheap debt were behind Berkshire Hathaway’s muted acquisition activity in 2017 despite Warren Buffett’s firm sitting on some $116bn of dry powder.

Berkshire Hathaway’s $3bn cat bill sends it to $3.2bn P&C loss

Berkshire Hathaway has revealed that a $3bn catastrophe bill from last year’s hurricanes has pushed it to a $3.2bn pre-tax underwriting loss for 2017.

BHSI moves into Dubai with AIG energy hire

Berkshire Hathaway’s specialty operation BHSI is set to open shop in Dubai after receiving regulatory approval and hiring AIG’s global head of energy and engineered risks Alessandro Cerase.

Exin taps Pimco and Berkshire Hathaway for Ethniki funding: reports

With just days left before it is due to table a final financing plan for Greek state-owned insurer Ethniki, Matt Fairfield’s Exin has spoken to Allianz-owned Pimco and Berkshire Hathaway about committing funds to the ongoing acquisition.

Succession Planning

How do you replace an emblematic leader while maintaining the essence of that which they formerly led?

Jain joins Berkshire Hathaway board as Buffett lines up successor

Longtime Warren Buffett lieutenant and mooted successor Ajit Jain has been named to the Berkshire Hathaway board as vice chairman of insurance operations in a move that the legendary investor said prepares the way for his eventual successor.

Berkshire Hathaway posts $3bn losses from 3Q cat events

Berkshire Hathaway is behind only Lloyd’s, Munich Re and Swiss Re in the size of net losses from the brutal roll-call of catastrophe events in the third quarter.

AIG shares slump on $836mn reserve charge and earnings miss

AIG saw its share price fall 4 percent in early trading on the NYSE (3 November) after missing its third quarter earnings estimate following another large prior year reserve charge in addition to its pre-announced $3bn hit from the recent nat cat events.