Berkshire Hathaway
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The firm opened its Zurich office last year with the aim of underwriting property, casualty and professional lines. -
The new recruit was previously head of Aviva’s Global Corporate Solutions unit.
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It is understood that the executive will be joining the conglomerate’s reinsurance business, run by Ajit Jain.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
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Previous head of the unit Chris Warrior is moving into an underwriting performance management role.
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Previously, Katharina Rütz was a senior D&O underwriter for BHSI in Germany.
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Cat losses were up during the quarter but offset by a reduction in the expense ratio.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The completion of the deal comes after last week the companies received all regulatory approvals.
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Pedro Mairos is moving up from heading marine in the UK and Ireland and will remain based in London.
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The executive has held operational roles at the likes of Liberty Specialty Markets, AIG and WTW.
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