(Bloomberg) -- Gen Re, one of the giant reinsurance businesses at Warren Buffett’s Berkshire Hathaway Inc., said it’s exiting property-casualty operations at six smaller locations amid a global reorganization.
The reinsurer said Thursday that it plans to shutter operations in Hong Kong; Melbourne; Riga, Latvia; Seattle; St. Paul, Minnesota; and Charlotte, North Carolina. The company will continue to serve those markets out of larger offices.
“We have reviewed our entire global footprint, and with this change, we are positioning Gen Re’s property and casualty operation to address the realities of today’s markets,” Bob Jones, a president at the reinsurer, said in a statement. “We need to deliver underwriting and claims expertise in the most effective manner, while not compromising the quality of our products and promises.”
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