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Warren Buffett Launches New Commercial Insurance Unit

Billionaire investor Warren Buffett has announced the formation of Berkshire Hathaway Specialty Insurance, a commercial property/casualty group that is headed by several former American International Group (AIG) executives...
June 18, 2013

Billionaire investor Warren Buffett has announced the formation of Berkshire Hathaway Specialty Insurance, a commercial property/casualty group that is headed by several former American International Group (AIG) executives. Berkshire said in its statement that the unit will focus mainly on U.S. excess and surplus lines insurance. Policies will be written on National Fire & Marine Insurance Co.’s nonadmitted paper, but the unit will also access admitted paper offered by other Berkshire units. “It’s official: We are moving into commercial insurance in a substantial way, and we are here to stay,” Buffett said in a statement. Berkshire Hathaway Specialty Insurance is headed by Peter Eastwood, who in April abruptly resigned from his former position as president and CEO of AIG’s property/casualty unit.

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