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Berkshire Hathaway
A.M. Best has ‘significant concerns’ about global reinsurance industry after 2016 accident year combined ratio tops 100%
September 5, 2017 by Canadian UnderwriterThe global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,…
U.S. P&C industry records US$5.1 billion underwriting loss in first half of 2017: A.M. Best
August 29, 2017 by Canadian UnderwriterThe property and casualty industry in the United States recorded a net underwriting loss of US$5.1 billion for the first six months of the year, according to preliminary results from A.M. Best Company. This underwriting loss compares with a US$2 billion loss in the same period a year ago, the Oldwick, N.J. ratings firm said in a press release on Tuesday. Data from the financial review is derived from companies’ six-month 2017 interim statutory statements received as of Aug. 21 and represents an estimated 96%…
Retroactive reinsurance contracts, Ogden rate reduction produce underwriting losses for Berkshire Hathaway
August 8, 2017 by Canadian UnderwriterBoston-based Berkshire Hathaway Specialty insurance, which announced its entry in 2015 into the Canadian market, had a 23% increase in premiums written for the first half of 2017 versus 2016, while the Berkshire Hathaway Reinsurance Group had liabilities for losses…
Commercial premiums down 15% for AIG
August 3, 2017 by Canadian UnderwriterAmerican International Group Inc. reported Wednesday its net income was $1.13 billion during the three months ending June 30 and its Q2 combined ratio in personal insurance improved 5.9 points from last year, but the combined ratio in commercial insurance…
Former Marsh & McLennan CEO Duperreault replaces Hancock as CEO of AIG
May 15, 2017 by Canadian UnderwriterAmerican International Group Inc. has a new chief executive officer, Brian Duperreault, as of Sunday, the New York City-based insurer announced. Duperreault (pictured right), a former CEO of Marsh & McLennan Companies Inc., is now also president and director of…
Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG
May 8, 2017 by Canadian UnderwriterBerkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by…
Berkshire Hathaway reports US$45.9 billion in insurance premiums earned for 2016, up more than US$4 billion from 2015
February 27, 2017 by Canadian UnderwriterBerkshire Hathaway Inc. has reported insurance premiums earned for 2016 of US$45.88 billion, up from US$41.29 billion in 2015. Omaha-Neb.-based Berkshire Hathaway has also reported Insurance-underwriting operating earnings of US$548 million for the fourth quarter of 2016 ending Dec. 31,…
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
Hurricane Matthew ‘will not be material’ to Berkshire Hathaway’s financial results
November 7, 2016 by Canadian UnderwriterBerkshire Hathaway Inc. reported Friday a 13% drop in its property & casualty premiums earned at its reinsurance group, while the primary insurers had a combined loss ratio of 61% during the third quarter of this year. For the three…
Berkshire Hathaway’s insurance premiums earned up nearly US$2 billion in first half of 2016
August 8, 2016 by Canadian UnderwriterBerkshire Hathaway Inc. has reported US$21.923 billion in insurance premiums earned for the first six months of the year, up from US$19.940 billion in the first half of 2015. For the second quarter of 2016 ending June 30, insurance premiums…
TransRe agrees to be ‘exclusive underwriting manager’ for Gen Re brokered treaty reinsurance in Canada & U.S.
July 5, 2016 by Canadian UnderwriterStarting Aug. 1, Transatlantic Reinsurance Company of New York City will act as exclusive underwriting manager for General Reinsurance Corporation’s property and casualty treaty reinsurance business — produced by brokers and intermediaries — in Canada and the United States. “This…
Berkshire Hathaway reports US$11.124 billion in insurance premiums earned in Q1 2016, up from US$9.540 billion in Q1 2015
May 9, 2016 by Canadian UnderwriterBerkshire Hathaway Inc. has reported US$11.124 billion in insurance premiums earned in the first quarter of 2016 ending March 31, up from US$9.540 billion in the first quarter of 2015. Omaha, Neb.-based Berkshire Hathaway released its financial results on Friday.…