Berkshire Hathaway BRK BRK 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. Buffet, 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 Hathaway's 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.
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