The Company Says The New Operation With Combine Strong Leadership & Capital For Commercial Property Risks
On June 13, 2013, Berkshire Hathaway announced that it latest insurance venture is now operational and open for business:
“It’s official: We are moving into commercial insurance in a substantial way, and we are here to stay,”
said Warren E. Buffett, CEO of Berkshire Hathaway Inc. “With our proven underwriting discipline and
financial strength, along with a stellar management team, Berkshire Hathaway Specialty Insurance is a
welcome solution for customers seeking large-scale property and casualty capacity for the long term.”
The specialty insurer, which has already commenced operations, will largely focus on the excess and surplus lines market and will offer underwriting property, casualty, professional and executive liability insurance and programs for customers throughout the U.S. The policies will be underwritten on the non-admitted paper of National Fire & Marine Insurance Company which is part of the National Indemnity Group and will also have access to the admitted paper of National Indemnity on a need-only basis. National Indemnity, which includes the National Fire & Marine Insurance Company, is already an existing excess and surplus lines company of Berkshire Hathaway’s. It currently holds a financial strength rating of AA+ from Standard & Poor’s and A++ from A.M. Best.
The management team, largely made up of former AIG executives, will have Peter Eastwood as president of the company, followed by David Bresnahan, executive vice president – casualty, health, professional and executive liability; Sanjay Godhwani, executive vice president – property and programs; David Fields, executive vice president –underwriting, actuarial, finance and reinsurance; and David Crowe, senior vice president – claims. In discussing the announcement, Mr. Eastwood said he and his team were excited about the possibilities and ready to get down to work.
“The team and I are very excited to be part of the Berkshire Hathaway organization and to have been
afforded the opportunity to build a commercial property and casualty insurance business within a
company that understands and values the insurance business.” said Mr. Eastwood. “With our
customer’s needs in mind, our aim is to create an exemplary insurance organization by combining the
financial strength of the Berkshire Hathaway group of insurance companies with talented professionals
who will create market leading products, services and solutions.”
Latest Berkshire Hathaway Venture To Be Based In Boston
For the Massachusetts insurance industry, we thought it interesting to note that the Berkshire Hathaway Specialty Insurance Company will be based in Boston. It’s headquarters are located at 60 State Street. The company also has regional underwriting offices in Atlanta, Chicago, Los Angeles, and New York.