In one of the most anticlimactic announcements of the year, Berkshire Hathaway says its new commercial E&S unit has commenced operations.
Berkshire Hathaway Specialty Insurance now writes property, casualty, professional and executive liability insurance and programs in the U.S., says Berkshire.
“It's official: We are moving into commercial insurance in a substantial way, and we are here to stay,” says Warren Buffett, CEO of Berkshire Hathaway, in a statement. “With our proven underwriting discipline and financial strength, along with a stellar management team, Berkshire Hathaway Specialty Insurance is a welcome solution for customers seeking large-scale property and casualty capacity for the long term.”
Policies will be underwritten on the non-admitted paper of Berkshire's National Fire & Marine Insurance Co. BHSI also has access to National Indemnity, an admitted Berkshire subsidiary, when needed.
Peter Eastwood will lead the new unit as its president. Eastwood recently defected from AIG with fellow executives David Bresnahan, Sanjay Godhwani and David Fields to join Buffett's Berkshire.
Berkshire says Bresnahan is executive vice president of casualty, health, professional and executive liability; Godhwani is executive vice president of property and programs; Fields is executive vice president of underwriting, actuarial, finance and reinsurance; and David Crowe rounds out the leadership as senior vice president of claims.
At a recent industry conference Eastwood said the new unit will focus to start on E&S lines, catastrophe-exposed property especially, and has already written a “good amount of business.” BHSI has also received positive responses from brokers. The new unit has several dozen new employees, and will continue to hire, he added.
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