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Buffett Vows to Be Major Force in Commercial Lines

The man who brought the industry GEICO is now vowing to be a major force in commercial lines. Billionaire investor Warren Buffett said Berkshire Hathaway plans on growing its commercial lines insurance business quickly, now that it has added four executives from American International Group (AIG)...
May 14, 2013

The man who brought the industry GEICO is now vowing to be a major force in commercial lines. Billionaire investor Warren Buffett said Berkshire Hathaway plans on growing its commercial lines insurance business quickly, now that it has added four executives from American International Group (AIG).

“I think you will see us become a very significant factor world-wide in the commercial-insurance business. It could be a business that reaches into the billions,” Buffett said at his annual meeting for shareholders in Omaha. He said Berkshire now has “the right people” and its “got capital like no one else has.” On April 26, news broke that four top AIG executives were leaving that giant insurer and joining Berkshire. Berkshire’s current insurance subsidiaries include General Reinsurance, GEICO, National Indemnity, U.S. Liability Insurance Co., BoatUS and Guard Insurance Group.

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