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Berkshire Hathaway launches new property casualty insurance business

Warren Buffett’s Berkshire Hathaway has formed a new commercial property casualty insurance group known as Berkshire Hathaway Specialty Insurance.

The new company has started operations, underwriting property, casualty, professional and executive liability insurance and programs for customers in the US.

Commenting on the launch of the specialty division, CEO Warren Buffett said that the specialty insurance division will help the customers, who are looking for large-scale property and casualty capacity in the long term.

The company said that the new operation will mainly concentrate on US excess and surplus lines insurance, as this market segment is gradually becoming popular in offering customized services to customers.

Policies are underwritten on the non-admitted paper of National Fire & Marine Insurance Company, which is its excess and surplus lines firm.

The company has named Peter Eastwood, as the president, David Bresnahan as executive vice president, casualty, health, professional and executive liability; Sanjay Godhwani, executive vice president, property and programs.

Additionally, David Fields has been appointed as executive vice president of underwriting, actuarial, finance and reinsurance, while David Crowe will act as senior vice president of claims.

Eastwood said that the aim of the company to build an exemplary insurance organization by combining the financial strength of the Berkshire Hathaway group of insurance companies, while considering the needs of its customers.