Tag Archives: Insurance

Feeling Adventurous? Berkshire Hathaway Has Insurance For You

If you’ve got the adrenaline, Berkshire Hathaway has the insurance for your adventures.

Berkshire Hathaway Travel Protection (BHTP), a leading provider of travel insurance, has announced the launch of AdrenalineCare, a new comprehensive travel insurance that is specifically tailored for adventure travelers, with features such as enhanced baggage protection, coverage for extreme activities and higher medical limits
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“Our annual State of Travel Insurance study found that adventure travel continues to be one of the most popular and fastest-growing travel types,” said Dean Sivley, president of BHTP. “Adventure travelers are eager to explore the world but also know that their adrenaline-packed trips warrant more protection. We created AdrenalineCare so they can fully enjoy their adventures without worrying about equipment delays or insufficient medical coverage if traveling in a remote location.”

AdrenalineCare coverage includes:

• Up to $750,000 in medical evacuation coverage, BHTP’s highest limits
• Up to $50,000 in emergency travel medical insurance
• Up to $500 in equipment delay coverage if the traveler’s sports equipment such as skis, scuba gear, mountain climbing equipment or other gear is delayed 6 hours or longer
• Up to $1,500 in baggage coverage to cover lost, stolen or damaged luggage
• A $150 fixed benefit for the inconvenience if baggage is delayed 12 or more hours; if eligible, travelers are awarded the full $150 to use as they wish for simply enduring the delay
• Up to $200 to reimburse the fee paid for a hunting or fishing license if the insured must cancel
• Comprehensive trip cancellation, interruption, delay, and missed connection protection
• 24/7 global travel assistance available via phone or email for travel and medical emergencies.

According to BHTP’s State of Travel Insurance 2019 report, adventure travelers take more trips than regular road trippers (4.87 annually versus 3.45). Whether they are traveling to experience a sport like motor racing, or packing expensive equipment to ski or climb, they also face greater risk. AdrenalineCare is tailored specifically for these adventurous travelers.

Well-known for its revolutionary travel insurance products and services, BHTP also provides travelers with an easy “pic-and-a-click” claims process, flight tracking and expedited payments for travel disruptions via BHTP Burst.

© 2019 David Mazor


Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway Specialty Insurance Company Adds Transactional Liability Insurance in Asia and the Middle East

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) has begun offering Transactional Liability Insurance through its Asia and Middle East (AME) regions and appointed Steven Harwood as the Head of Transactional Liability in AME.

“Properly navigating the risks of corporate transactions is critical to growing companies and industry leaders alike,” said Marc Breuil, Head of AME, BHSI. “This expansion enhances our ability to provide transactional liability underwriting expertise and know-how through our regional hubs of Singapore, Hong Kong, and Dubai.”

“Steve Harwood has extensive experience helping companies respond swiftly and strategically to the risks of mergers, acquisitions and other transactions, and we are delighted that he has joined BHSI.”

BHSI will focus primarily on providing Representations and Warranties Insurance as well as Tax Liability Insurance across AME. The company already provides Transactional Liability coverage from offices in the U.S., Canada and the U.K.

Steven comes to BHSI from Pembroke Managing Agency Underwriting at Lloyd’s Japan, where he was Senior Underwriter & Solicitor, M&A Insurance. Before that, he was Senior Associate at Herbert Smith Freehills LLP, specializing in mergers and acquisitions, and Divisional Director (London and Tokyo) at Willis Faber & Dumas Ltd, a Lloyd’s Reinsurance Broker. Steven, who served as a Royal Navy Officer, holds a bachelor’s degree from London University and a master’s degree from International Budo University in Japan.

© 2019 David Mazor


Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway Specialty Insurance Debuts Professional First Asset Management Liability Insurance in the UK and Ireland

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has launched Professional First Asset Management Liability Insurance in the UK and Ireland.

The insurance provides broad, clearly worded professional liability, directors & officers liability, and crime coverage tailored for investment managers and funds in the UK and Ireland.

“Highly volatile investment and economic markets, coupled with increased regulatory oversight and operational exposures, have made investment managers increasingly vulnerable to claims,” said Tom Dilley, Head of Financial Institutions, BHSI in the UK. “Our Professional First Asset Management Liability policy provides investment managers and funds in the UK and Ireland with comprehensive, customizable protection, backed by marketing-leading financial strength and claims handling expertise.”

The new policy encompasses a variety of professional services and can be tailored to suit different investment structures and investment classes. It provides security for directors and officers for claims arising from wrongful acts in the management of the company or fund, and a dedicated tower of limits for Alternative Investment Fund Managers Directive (AIFMD) related losses. The policy also provides additional limits for non-executive directors, unlimited lifetime cover for retired directors and officers, and comprehensive crime coverage.

BHSI’s Professional First suite of professional liability products is designed to provide clear, current and customizable coverage for the risks of financial and commercial firms. BHSI will be expanding the suite with additional products in the UK and Ireland in 2019.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway Insurance Group Creates Berkshire Hathaway European Insurance DAC

(BRK.A), (BRK.B)

Berkshire Hathaway Insurance Group has announced that Berkshire Hathaway European Insurance DAC (BHEI) has been granted a Certificate of Authorization by the Central Bank of Ireland to operate as an insurer in Ireland and the European Economic Area (EEA).

Incorporated in the Republic of Ireland and based in Dublin, BHEI will operate as a Designated Activity Company, providing service to the company’s customers and brokers in Ireland and, using European freedom of services rights, across the EEA.

BHEI will be the insurance company utilized by a number of Berkshire Hathaway’s insurance brands operating in the EEA, including Berkshire Hathaway Specialty Insurance, MedPro, and Faraday.

Where necessary or required, EEA business previously transacted through BHEI’s UK based direct parent Berkshire Hathaway International Insurance Limited (BHIIL) will be transferred from BHIIL to BHEI, in accordance with applicable law, to achieve a smooth transition for its customers and brokers upon the UK leaving the European Union. BHIIL, however, will continue to operate its significant general insurance business in the UK market and overseas under its existing licenses. BHEI intends to commence writing business by the end of March 2019.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

GEICO Hiring Hundreds of Employees in Georgia

(BRK.A), (BRK.B)

GEICO’s regional offices in Macon, Georgia, are hiring hundreds of employees. They have immediate openings for Emergency Roadside Service Representatives, Title Processing Specialists, Claims Service Representatives and Customer Service Representatives; all four positions have a starting salary of at least $15 an hour. Training is provided and no prior insurance experience is necessary.

Full-time associates are offered the wide-ranging Total Rewards Program, which includes a comprehensive benefits package, college tuition reimbursement and health and wellness incentives. GEICO provides a friendly work environment that supports career growth and development.

“More than 6,700 members of the Middle Georgia community are already a part of our GEICO family,” said Regional Vice President Franklin Silva. “We are proud to invite even more area residents to join GEICO and help us continue to offer the top-notch customer experience that we are known for.”

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway’s Insurance Group Launching THREE Insurance Product

(BRK.A), (BRK.B)

Berkshire Hathaway’s Insurance Group announces the launch of THREE, its three-page, game-changing, comprehensive insurance product for small business. Businesses typically need several types of insurance to protect their interests, but until now they could only get that protection by buying multiple, unconnected and overly complex policies–each of which can be over fifty pages in length.

In three straightforward, plain English pages, THREE provides insurance coverage for workers compensation, multiple liability coverages (including general liability, errors and omissions, and cyber), property and auto – all the insurance most any small business could need. Replacing the usual chores of time-consuming, multiple applications and coordination,

THREE delivers one fully comprehensive (and comprehensible) small business policy, in a fast, easy one-stop shopping experience. Efficiency is increased further by providing THREE direct to small businesses, without the need to go through a broker or third party.

Minimizing the risk of not knowing what is being covered, and which policy might apply, makes THREE the right policy for risk averse risk takers.

Berkshire Hathaway Chairman Warren Buffett said, “Insurance is important protection for any business, but few small businesses have the time to actually read through the policy forms that are supposed to protect them. With THREE a small business can be confident in the protection it is getting, because the whole policy can be read in a few moments. Every day, America’s small businesses prove that great things come in small packages. Now they can get insurance on the same basis.”

THREE will be rolled out across the country as quickly as state regulatory filings and approvals can be obtained, but all are now welcome to preview THREE at “threeinsure.com”.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway Specialty Insurance Expands into Transactional Liability Insurance in UK & Europe

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) is expanding its North American Transactional Liability Insurance business into the UK and Europe and has appointed Ed Martin as Head of Transactional Liability, UK and Europe.

“As the need for solutions for the risks and uncertainties in corporate transactions continues to grow, BHSI is pleased to bring to market the local expertise, financial strength, and capacity that will enable companies in the UK and throughout Europe to respond, quickly and strategically, to the exposures of mergers, acquisitions and other transactions,” said Robert Underhill, Senior Vice President, Head of Transactional Liability, BHSI. “Ed is a stellar addition to our expanding Transactional Liability team worldwide.”

“Our capabilities in the UK, throughout Europe and around the world continue to expand to help our customers respond to pressing risks,” said Chris Colahan, Head of UK and Europe, BHSI. “This latest expansion follows the well set pattern of BHSI’s growth: We grow where and when we can offer outstanding expertise and provide meaningful long-term solutions, backed by our stable capacity and financial strength.”

BHSI will provide Warranty and Indemnity, Tax, and Contingent Liability Insurance in the UK and throughout Europe. The company also provides Representations & Warranties, Contingent Liability, and Class Action Settlement Insurance in the U.S. and Canada.

Martin joins BHSI from global legacy and run-off specialist Enstar Group Limited. At Enstar, Ed was the lead in-house M&A lawyer working alongside Enstar’s dedicated M&A team. Prior to joining Enstar, Ed was Of Counsel at Norton Rose (now Norton Rose Fulbright) with their London Corporate and Regulatory Insurance team. Ed qualified as a lawyer in England and Wales in 2000.

Martin will be based in BHSI’s office in London.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway Specialty Insurance Adds Property Construction in UK & Ireland

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) announced today that it is expanding into the Property Construction insurance market in the UK and Ireland and has appointed Simeon Seamer to lead the effort as Head of Property Construction, UK and Ireland.

“With the current uncertainty surrounding available capacity for the construction industry in London, BHSI is pleased to provide a stable, reliable solution. We enter the property construction market with substantial capacity backed by stellar financial strength, BHSI’s long-view market commitment, and the expertise of Simeon to lead our growing team,” said Chris Colahan, Head of UK and Europe, BHSI.

In addition to property construction, BHSI in the UK and Ireland now offers a wide range of insurance products for the construction industry including CAR, liability and professional indemnity coverages.

Simeon comes to BHSI after nearly two decades in the construction insurance and reinsurance industry, having led underwriting for some of the largest infrastructure projects in the U.S. and Europe. He was most recently EMEA Head of Construction & Senior Underwriter at SCOR Global P&C. Prior to that he was Senior Construction Underwriter at Zurich Global Corporate UK. He began his insurance career as a London Market broker specializing in construction.

BHSI’s construction team for the UK and Ireland also includes James Emson, VP of Casualty, who joins BHSI from QBE in Hong Kong, and Farhad Dabestani, Senior Underwriter, Professional Indemnity, who comes to BHSI from AXA XL.

© 2019 David Mazor


Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway Travel Protection Unveils Cruise Coverage

(BRK.A), (BRK.B)

Berkshire Hathaway Travel Protection (BHTP), a leading provider of travel insurance, today announced the launch of a new product, WaveCare, which provides travel insurance specifically tailored for the needs of cruise travelers.

“WaveCare is expressly designed for the fastest growing sector of the industry, cruising,” said Dean Sivley, president of Berkshire Hathaway Travel Protection. “Our comprehensive solution provides cruisers with higher medical and evacuation coverage limits for their trip and introduces BHTP’s innovative fixed benefit in the event the cruise is disabled along the way.”

Specifically, WaveCare provides:
• Up to $750,000 in medical evacuation coverage, BHTP’s highest limit
• Up to $75,000 in emergency travel medical insurance
• A fixed benefit of $500 when the traveler is confined on board for more than five hours because the cruise ship is disabled
• Comprehensive trip cancellation, interruption, delay, missed connection, and baggage protection
• A pre-existing condition waiver when insurance is purchased within 15 days of the initial trip deposit date
• 24/7 global travel assistance

BHTP has also announced enhancements to its industry-first fixed benefit insurance product for air travelers, AirCare®. Starting at only $26 for domestic and international round-trip flights, AirCare now covers late night delays and flight diversions as well as flight cancellations, flight departure delays, tarmac delays, missed connections, lost baggage, and baggage delays. Travel insurance fixed benefits ensure faster claims payment – no receipts necessary.

BHTP, well known for its revolutionary travel insurance products and services, also provides travelers with an easy “pic-and-a-click” claims process, flight tracking and expedited payments for travel disruptions via BHTP Burst.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway Assumes Motor Accident Commission’s Back Book of Compulsory Third Party Claims

(BRK.A), (BRK.B)

Berkshire Hathaway is investing in South Australia, the conglomerate is taking over the Motor Accident Commission’s ‘back book’ of Compulsory Third Party (CTP) vehicle insurance claims.

The South Australia treasurer, Rob Lucas, said Berkshire Hathaway would establish operations in Adelaide as its Reinsurance Division takes over management of the Motor Accident Commission’s ‘back book’ of Compulsory Third Party (CTP) vehicle insurance claims.

Lucas said the move – to take effect from January 1, next year – was a natural consequence of the former Labor government’s decision in 2014 to privatize the provision of CTP vehicle insurance in SA and would put the state on the map with global investors.

“This is a significant coup for South Australia,’’ said Treasurer Lucas.

“Having an investment company of Berkshire Hathaway’s global standing come and set up in Adelaide not only speaks volumes for our sound business environment, but for the progressive leadership of the new Liberal government under Premier Steven Marshall.

“Berkshire Hathaway’s reinsurance arm, National Indemnity Company, is the only reinsurance company in the world with the same AA+ credit rating as South Australia, offering SA policy claimants security over future claims, as well as excellent value for taxpayers who no longer bear the risk of movements in investments and claims outcomes.

“For example, this year’s Mid-Year Budget Review will include a significant reduction in returns to the budget from MAC.

“Put simply, assets and liabilities from MAC will be transferred to Berkshire Hathaway’s National Indemnity Company, so that all the risks of managing MAC’s liabilities will be transferred to Berkshire Hathaway.

“Part of the arrangement will see $300 million of the reinsurance premium retained in South Australia – with at least $100 million retained for five years – for local funds management.

“The Government will consider a range of options to help implement a key election commitment to grow local funds management activity.”

Berkshire Hathaway CEO and Chairman Warren Buffett said he looked forward to the potential of growing his business in South Australia.

“We are thrilled to have agreed terms with South Australia to reinsure their auto liabilities, and we would love to find more opportunities to do business there,” Buffett said.

Berkshire Hathaway Inc. also has significant worldwide interests in energy, utilities, infrastructure, rail, retail and manufacture.

In October, the State Government announced it would wind down the Motor Accident Commission, a ‘natural consequence’ of the former Labor Government’s decision in 2014 to privatize the provision of CTP vehicle insurance in SA – which had been MAC’s core function.

MAC ceased writing new CTP insurance policies from July 1, 2016 but has remained responsible for managing a ‘back book’ of claims issued up to and including June 30, 2016.

The MAC Board has approved acceptance of the Berkshire Hathaway bid.

Background

The former Labor government, in September 2014, approved a new framework to assess unsolicited proposals to government.

Under this framework, and just prior to the state election, Berkshire Hathaway submitted an unsolicited proposal to the former Labor government to manage the ‘MAC back book’. This bid was only valid for an off-market exclusive transaction.

Treasury engaged respected financial advisory firm Moelis who concluded the proposal was unique and presented as value for money. Moelis recommended approval for the proposal and concluded Berkshire Hathaway’s history supported the conclusion that the Berkshire Hathaway bid was only valid for an off-market exclusive transaction.

The existing Allianz claims management contract will remain in place at least until its current expiry of June 30, 2019. Berkshire Hathaway will explore with Allianz long-term arrangements. Claimants will not experience any change in their claims management experience.

After the deal is concluded, budgeted returns from MAC to the budget will reduce by up to an estimated $68 million over the 3-year period from 2019-20.

Early next year, the Government intends to release most of the contractual documentation with some commercially confidential provisions redacted.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.