Berkshire Hathaway Inc. News

Applied Underwriters Sold to Founder in $920M Deal

Applied Underwriters Inc. and its subsidiary North American Casualty Co. has reportedly been acquired by Applied Underwriters founder Steve Menzies, who was joined in the acquisition by the Quasha Group led by Quadrant Management. The deal is valued at $920 …

Sale of Applied Underwriters Still Under Review; Cayman Islands Insurer Likely Involved

It appears that the Berkshire Hathaway workers’ compensation unit Applied Underwriters is being sold in a large acquisition, which likely involves Cayman Islands-based United Insurance Co. A spokesman for the Applied confirmed that a deal is in the works, but …

Fitch Sees U.S. P/C Insurers Reducing Investments in Hedge Funds

U.S. property/casualty insurers’ investment position in other alternative investments as reported is concentrated within a few large insurers and is relatively stable as a percentage of invested assets for the last several years. Also, the attraction to alternative investments, including …

Tackling Houston’s Flood-Damaged Cars Takes an Army of Tow Trucks

How do you remove hundreds of thousands of damaged cars from a massive city still mired in water and muck? Tow-truck driver Alex Toll will tell you: one vehicle at a time. Toll is part of an army of more …

Applied Underwriters’ Workers’ Comp Business Faulted by California Regulator

California’s insurance commissioner said a Berkshire Hathaway Inc. insurance business evaded a state law designed to protect small businesses from unexpected workers’ compensation costs. Commissioner Dave Jones faulted Berkshire’s Applied Underwriters Inc. and California Insurance Co. units over the sale …

New York Regulator Surveying Insurers on TRIA Risk

New York’s Financial Services Superintendent Benjamin Lawsky has directed insurers that are licensed to write commercial property or liability business lines in the state to submit information on how they are responding to Congress’ failure so far to reauthorize the …

Ireland’s Medical Insurer Vhi Extends Buffett Reinsurance Deal by Four Years

Vhi Healthcare, the Irish state-owned medical insurer, extended a reinsurance accord with Warren Buffett’s Berkshire Hathaway Inc. as it seeks to move risk from its balance sheet and avoid a taxpayer bailout. Berkshire signed a one-year accord last July to …

Best Affirms GEICO and GEICO Corp. Members Ratings; Outlooks Stable

A.M. Best has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and the issuer credit ratings (ICR) of “aaa” of the members of Government Employees Group (GEICO), based in Chevy Chase, Maryland, as well as the ICR of “aaa” …

Best Affirms Ratings of National Indemnity, Other Berkshire Hathaway Units

A.M. Best has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and issuer credit ratings (ICR) of “aaa” of National Indemnity Company and its affiliates, and the FSR of ‘A’- (Excellent) and ICR of “a-” of Finial Reinsurance Co., …

Penn. Regulators Approve Pending Sale of Clal’s U.S. Unit to Berkshire

The Pennsylvania Insurance Department this week approved the pending deal by Israel’s Clal Insurance Enterprises Holdings to sell its U.S. unit to Berkshire Hathaway Inc.’s National Indemnity Co. The deal to sell off Clal’s U.S. unit — Clal U.S. Holdings …