Berkshire Hathaway
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Both the primary and reinsurance segments benefitted from a light cat year. -
The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.
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An M&A senior analyst and M&A underwriter for emerging markets are also set to depart.
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The reinsurance CoR decreased 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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New capacity is fuelling competition for talent in the class of business.
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Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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The facility provides up to $100mn in claims-made excess casualty coverage.
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Louise Kidd joined BHSI in 2020 as head of third-party lines in Ireland.
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The carrier was seeking to expand its 1 March-renewing programme.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Chris Nixon has been promoted to underwriting manager, executive & professional lines, UK.
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The conglomerate expects pre-tax losses from Hurricane Milton of between $1.3bn-$1.5bn in Q4.
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The panelists discussed the ILS reset and the path to maintaining discipline in this sector.
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The two senior positions will be based in London.
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The move comes just days after the Warren Buffett-controlled conglomerate reached the $1tn market cap mark for the first time.
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Geico more than tripled U/W profits due to higher average premiums per auto policy and lower claims frequency.
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The executive has had a 40-year career at AIG, Berkshire Hathaway and Lloyd’s.
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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.
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The carrier will write energy, property, construction, and executive and professional lines business.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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Hopper joined Starr in 2019 and previously worked at Marsh and Zurich.
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The insurance arm’s CoR declined 4 points to 89.3% on lower cat losses.
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Bowman helped establish BHSI’s multinational business network, serving 178 countries.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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He praised 2023 insurance results as other sectors were a “disappointment”.
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Excluding TransRe, the group’s losses declined by $509mn last year.
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She replaces Mark Walker, who moved last year to become head of national business for the UK.
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Based in Singapore, Jess Au will succeed Ophelia Szeto, who is retiring from the role.
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The senior underwriter has 35 years’ experience in marine business.
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The underwriter will work in the retail property team at BHSI serving the central region.
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The company noted that TransRe had produced "considerable" levels of property business over the period.
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Having joined the firm in 2021, Donagh Regan was previously a senior casualty underwriter.
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The hire comes as group CUO Alan Telford plans to leave the business next summer.
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The appointment follows the recent hire of Pascal Carrer as head of casualty in Switzerland, and David Corrigan as head of property.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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He joins from Hoerbiger Holding, where he was head of corporate risk and insurance management.
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Staffing upheaval continues in the marine class of business, as companies battle to hire and retain talent.
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The Omaha conglomerate held its ~2.1% stake in Aon valued at nearly $1.5bn and its interest of over 3% in Markel, worth over $652mn at the end of Q2.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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BHSI grew to be one of the largest writers of D&O in London during the hard market of 2020 and 2021.
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Mark Walker has more than 35 years of insurance experience and joined BHSI in 2019 after over three years at QBE.
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The massive line from Warren Buffett’s carrier – previously reported by this publication – supported the insurer’s growing inland portfolio as policies have headed to the state net.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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Early private deals have provided far more stability in this year’s renewal than last.
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Securities filings show the conglomerate’s ownership of Markel holdings was valued at over $600mn at the end of March.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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Browne becomes deputy global chief underwriting officer and Holmes assumes the role of global underwriting officer of property for energy and construction.
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The move is the latest in a series of several personnel exits from Aviva’s commercial lines operations.
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The pair have spent a quarter of a century working in the insurance sector.
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Prior to joining BHSI in 2020, Ben Ruddlesdin worked as an underwriter for The Hartford.
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TransRe contributed $986mn of P&C re premium during the year.
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The firm opened its Zurich office last year with the aim of underwriting property, casualty and professional lines.
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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.
