Berkshire Hathaway
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Part of the cost of the disaster will likely fall on a builder’s risk policy written by the two carriers. -
The contract will allow the insurance group to cede US workers comp, commercial auto and general liability risks.
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The move follows an attempt to merge California Insurance Company with a New Mexico entity.
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The group recorded a four-fold increase in operating earnings despite absorbing losses of $281mn from Typhoon Faxai.
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Olivier Antiphon and Anne-Sophie Bonifay will join as head of construction and head of casualty, respectively.
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The rejection of the deal throws a wrench into Menzies’ plan to buy back the insurer he founded from majority owner Berkshire Hathaway.
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The broker was launched in August by marine specialists Stuart Lilley and Dan Plummer.
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Jonathan Griffiths joins from Liberty Specialty Markets.
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The purchase of healthcare liability renewal business comes amid a retreat by SRCS from some specialty classes.
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The Madrid opening follows the firm’s move into the French market earlier in the year.
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Companies including Lloyd’s underwriters, Sompo Holdings, Berkshire Hathaway filed a lawsuit accusing primary insurers demanding “unreasonable allocation”.
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Terms of the deal for the workers’ compensation carrier have now been released.
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