Berkshire Launches Berkshire Hathaway Specialty Insurance

Berkshire Hathaway BRK BRK announced today that Berkshire Hathaway Specialty Insurance, its recently formed commercial property casualty insurance group, has commenced operations, underwriting property, casualty, professional and executive liability insurance and programs for customers in the U.S. "It's official: We are moving into commercial insurance in a substantial way, and we are here to stay," said Warren E. Buffet, CEO of Berkshire Hathaway Inc. "With our proven underwriting discipline and financial strength, along with a stellar management team, Berkshire Hathaway Specialty Insurance is a welcome solution for customers seeking large-scale property and casualty capacity for the long term." The new Berkshire venture is focused primarily on U.S. excess and surplus lines insurance, due to the growing importance of this market segment in providing tailored solutions to customers. Policies are underwritten on the non-admitted paper of National Fire & Marine Insurance Company, one of Berkshire Hathaway's existing excess and surplus lines companies, and part of its National Indemnity group of insurance companies. Additionally, the group has access to the admitted paper of National Indemnity to underwrite on admitted paper when necessary. National Indemnity, and its affiliates, including National Fire & Marine Insurance Company, hold financial strength ratings of AA+ from Standard & Poor's and A++ from AM Best.