Berkshire Hathaway has hired two senior executives from American International Group’s Asia operations to boost its insurance business in the region, the Wall Street Journal reported citing people familiar with the matter.
Berkshire Hathaway has hired Marc Breuil, who headed AIG’s country operations in Hong Kong and Taiwan, and Marcus Portbury, regional head of casualty for the Asia Pacific region, the Wall Street Journal said.
Last year, Berkshire established its U.S. commercial insurance business – Berkshire Hathaway Specialty Insurance, a group company that underwrites property, casualty, professional and executive liability insurance and programs.
Berkshire Hathaway Specialty Insurance is applying for licenses to regulators in Sydney, Hong Kong, Singapore and Europe as well as recruiting talent, including from already-established rivals, the report said.
The company has been expanding its operations and moving beyond its core reinsurance operations. In July, it entered the fiduciary insurance business and hired AIG’s vice president for fiduciary liability, Rhonda Prussack.
Representatives at AIG and Berkshire Hathaway Specialty Insurance did not immediately respond to Reuters’ requests for comment.
(Reporting by Ankush Sharma in Bangalore; Editing by Gopakumar Warrier)