(Bloomberg) – Ajit Jain, long considered a top candidate to replace billionaire Warren Buffett as chief executive officer of Berkshire Hathaway Inc., is expanding his oversight of the company's insurance operations.
Gen Re, one of the major reinsurance businesses at Berkshire, said Tuesday that CEO Tad Montross, 60, will step down by the end of this year. His replacement hasn't been named, but will report to Jain, said Sabine Denne, a spokeswoman for the reinsurer.
Buffett, 85, has said he considers Jain family. The 64-year-old built a separate underwriting unit, Berkshire Hathaway Reinsurance Group, into one of the company's largest operations. He has expanded that business, even amid increased industrywide competition, while Gen Re has retrenched in some markets.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
