Berkshire Hathaway
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The group will start by underwriting property, casualty, executive and professional lines.
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Bill Sullivan will retire after six years leading Berkshire’s casualty construction team.
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Three will be a “significant asset” of Berkshire Hathaway in 10 to 20 years.
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The Warren Buffett-headed business reported an underwriting loss for the P&C reinsurance operations in the first quarter. -
Steve Harwood joins from Pembroke to lead the new operation.
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Applied Underwriters has reportedly been under investigation since as early as May.
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The specialty insurer pulls in executives from Axa Corporate Solutions and Zurich.
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The Irish regulator has cleared the new entity, which will begin underwriting by the end of March.
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Unnamed insurance firms and a reinsurer are reportedly interested in buying the firm for about book value.
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Insurance conglomerate reports 15th underwriting profit in 16 years
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UK rates are up by 100 percent in many cases.
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Carriers are reluctant to expand their appetite in areas like cryptocurrency before D&O prices rise.
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