Fitch Affirms National Indemnity

The “AAA” insurer financial strength ratings (FSR) of the National Indemnity Company and the associated members of the National Indemnity Group, representing the largest component of Berkshire Hathaway Inc.’s insurance operations, were affirmed by Fitch. The other member companies are: Columbia Ins. Co.; National Fire and Marine Ins. Co.; National Indemnity Co. of Mid America; National Indemnity Co. of the South; National Liability and Fire Ins. Co.; and Wesco. Fitch cited National Indemnity Group’s enormous capital base, low operating leverage and underwriting discipline as key rating factors. However, those positive factors were partially offset by the group’s high investment risk. The rating outlook is stable.

In addition to property catastrophe and other reinsurance, National Indemnity Group offers certain forms of direct commercial automobile and truck insurance.