What’s New: In Brief (January 31, 2008)

Berkshire Hathaway has taken a 3% stake in Swiss Re.
The agreement included a proportional reinsurance contract, in which the US-based company will assume a 20% share of all Swiss Re’s P&C business for the next five years, according to Swiss Re’s online newsletter.
“This reinsurance arrangement is further evidence of our commitment to actively manage the P&C cycle in the best interest of our shareholders,” Swiss Re CEO Jacques Aigrain said in a release. “The additional capital efficiency, as well as the downside protection, will permit Swiss Re to retain flexibility in a softening property and casualty market.
“The arrangement also underlines the strength of our underwriting capabilities. It will allow us to increase capacity rapidly should pricing conditions improve. Furthermore, it will advance our efforts to manage earnings volatility a key strategic priority.”

Sam Mercanti, president and CEO of CARSTAR Automotive Canada, was recognized as a finalist for the 2007 Hamilton Citizen of the Year Award.
The award is given to those who have performed voluntary acts in Hamilton over and above what is required of them in the performance of their regular professional duties, or who have brought outstanding attention to the Hamilton community on a provincial, national or international basis.
“It’s citizens like Sam Mercanti who make Hamilton a great place to live and do business,” Dan McLean, CH TV broadcast journalist and one of the panel judges, said in a CARSTAR release. “When you look at the work he’s done for the community, it is obvious why he was a finalist this year.”
Mercanti supports the Hamilton community in countless capacities, including chair of St. Joseph’s Healthcare, and founder of the Charity of Hope. Together with the CARSTAR franchise network and partners, he has donated more than Cdn$1.5 million to the Canadian Cystic Fibrosis Foundation, the release notes.