Berkshire Hathaway’s 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.
The new Berkshire venture is focused primarily on U.S. excess and surplus lines insurance, due to the what the company describes as a growing importance of this market segment in providing tailored insurance to customers. Policies are underwritten on the non-admitted paper of National Fire & Marine Insurance Co., 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 Co., 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
Berkshire Hathaway Specialty Insurance has its home base at 60 State Street in Boston, Mass. and regional underwriting offices in Atlanta, Chicago, Los Angeles, and New York.
Berkshire Hathaway and its subsidiaries engage in business activities including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services.
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