New Operation Launches with Strong Leadership & Capital for Commercial Property Casualty Risks
OMAHA, Neb.--(BUSINESS WIRE)-- Berkshire Hathaway Inc. (BRK.B):
Berkshire Hathaway (BRK.A) announced today that Berkshire Hathaway Specialty Insurance, its recently formed commercial property casualty insurance group, has commenced operations, underwriting property, casualty, professional and executive liability insurance and programs for customers in the U.S.
"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 new Berkshire venture is focused primarily on U.S. excess and surplus lines insurance, due to the growing importance of this market segment in providing tailored solutions to customers. Policies are underwritten on the non-admitted paper of National Fire & Marine Insurance Company, one of Berkshire Hathaways existing excess and surplus lines companies, and part of its National Indemnity group of insurance companies. Additionally, the group has access to the admitted paper of National Indemnity to underwrite on admitted paper when necessary.
National Indemnity, and its affiliates, including National Fire & Marine Insurance Company, hold financial strength ratings of AA+ from Standard & Poor's and A++ from AM Best.
The management team of Berkshire Hathaway Specialty Insurance includes:
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
David Crowe, senior vice president--claims
"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 customers 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."
Berkshire Hathaway Specialty Insurance has its home base at 60 State Street in Boston, MA and regional underwriting offices in Atlanta, Chicago, Los Angeles, and New York.
About Berkshire Hathaway
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. The common stock of Berkshire Hathaway is listed on the New York Stock Exchange under the trading symbols BRK.A and BRK.B.
Certain statements contained in this press release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.
Camille Macisaac, 617-936-2916
Source: Berkshire HathawayCopyright Business Wire 2013