Tag Archives: Insurance

Berkshire Hathaway Specialty Insurance Offers Network Security & Privacy Liability Insurance in Canada

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Berkshire Hathaway Specialty Insurance has unveiled the Professional First Network Security & Privacy Liability Policy in Canada, a solution that combines cyber liability and breach response coverage with risk management resources for commercial enterprises and financial institutions.

“Our new policy simplifies the complex endeavor of managing cyber exposures for both our business partners and our customers,” said Michael Densham, SVP, Executive & Professional Lines, BHSI Canada. “We are excited to round out our Executive and Professional Lines offerings with this flexible cyber solution, backed by BHSI’s commitment to service and unparalleled financial strength.”

The Professional First Network Security & Privacy Liability Policy is designed to deliver multi-faceted coverage and crisis management services for large commercial enterprises and a wide range of financial institutions, including credit unions, banks, asset managers, and insurance companies.

Policy highlights include:

• Coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties.

• Breach expense and extortion threat coverage, addressing the direct expenses an Insured incurs to effectively respond to a breach or extortion threat.

• Media liability coverage, which responds to traditional media exposures (e.g. through a company’s website) arising from electronic content.

• Business interruption coverage to pay lost income and related expenses incurred as a result of the Insured’s partial or full business interruption due to a network security failure.

• Online access to eRiskHub® tools and resources to help policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization. eRiskHub is provided via NetDiligence, a leading cyber security and e-risk assessment firm.

BHSI policyholders also have access to legal experts to help them manage their obligations following a breach, forensic IT services to identify and contain a breach, and public relations and credit monitoring firms to manage the reputational damage that can accompany an incident.

© 2017 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 Coverage for Large Contractors

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Berkshire Hathaway Specialty Insurance has unveiled the Excess Integrated Follow Form, a single excess policy that sits atop multiple first- and third-party insurance policies, for contractors in the U.S. and Canada.

“With multi-line excess coverage from BHSI, contractors gain consistency in limits and tower attachment points and can reduce gaps in coverage. They also benefit from streamlined claims services when they have a loss and reduced frictional claims expenses,” said Bill Sullivan, North American Head of Casualty Construction, BHSI.

The new BHSI policy provides excess follow form protection above multiple underlying coverages, including general liability, environmental liability, employer’s liability, and professional liability. The excess coverage comes with a single limit, backed by BHSI’s financial strength. The Excess Integrated Follow Form is designed for larger contractors with complex exposures.

© 2017 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 Lauded with Women Technologists Award

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GEICO, the nation’s second largest and fastest-growing auto insurer, recently earned the prestigious Top Companies for Women Technologists award.

The award recognizes companies committed to building workplaces where women in technology careers can thrive. This year, the presenting AnitaB.org organization evaluated dozens of U.S. companies representing 574,000 technologists across a variety of industries.

AnitaB.org evaluated nominees on the basis of representation, employee experience and programs and policies.

GEICO earned the highest total score for a company with a technical workforce between 1,000 and 10,000. AnitaB.org cited GEICO for a “corporate culture that revolves around promoting diversity and inclusion” and “creating several rotational programs for entry level technologists and management that provide ongoing training for continued professional growth.”

“GEICO has always made diversity a top priority by promoting an all-inclusive environment that emphasizes leadership, training and career-advancing roles for women in IT,” said Marie Motowylak, GEICO director of decision sciences and business transformation. Motowylak accepted the honor on behalf of GEICO and added, “It’s important that we continue to create these opportunities that lead to successful and rewarding career paths.”

GEICO Executive Vice President and CIO Greg Kalinsky said, “Our commitment to innovation and our role in helping GEICO use technology to delight our customers has created incredibly dynamic technology opportunities for our IT associates. They tell me they are more successful and having a bigger impact than they ever dreamed. They are having unexpected careers that they find very rewarding. That’s what we love to see.”

Kalinsky noted, “We think the company’s success in all things digital – from its award-winning website to its best-in-class mobile app – has been aided by having a diverse and committed workforce and presenting associates with dynamic career choices. Our focus on modernizing all systems that support our associates and customers is a testament to the critical role IT plays in our success. I am truly humbled and thrilled for all GEICO associates to be recognized as a Top Company for Women Technologists.”

© 2017 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 Launches Motor Truck Cargo Legal Liability Insurance in Canada

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Berkshire Hathaway Specialty Insurance (BHSI) today announced that has expanded its inland marine product line in Canada with the launch of its Motor Truck Cargo Legal Liability Policy, a new product that protects against the legal liability exposure commercial truckers face when carrying third party goods.

“This product provides Canadian trucking companies with an insurance offering that responds to their needs in both Canada and the U.S. With the industry evolving, and more trucks crossing the Canada-U.S. border annually, we developed a solution that provides modern coverage and is responsive to both Canadian and American exposures,” said Gord Rider, Senior Underwriter, Marine, BHSI in Canada.

The policy is designed for mid-sized Canadian-based motor carriers specializing in transporting commodities primarily in Canada or cross-border with the U.S. Truckers and cargo are covered anywhere within Canada and the continental U.S.

Key policy highlights include:

• Legal liability coverage regarding property of others while in the ordinary course of transit or while at a terminal location for a specified period of time;

• Cross Docking coverage addressing an insured’s legal liability for direct physical loss or damage to property insured in its care, custody or control during cross docking operations at a scheduled terminal;
• Defence costs coverage that is outside of the policy limit;

• Employee theft coverage with respect to an insured’s legal liability for direct physical loss or damage to property insured resulting from theft by an insured’s employees; and

• Expediting expense coverage, such as reasonable additional labor or overtime costs, fuel costs and freight charges, necessary for timely delivery of the property insured when a vehicle cannot deliver the property due to physical loss or damage to the vehicle, including repair of the vehicle.

BHSI’s new Motor Truck Cargo Legal Liability Policy is the latest addition to its Marine & Inland Marine suite of products in Canada. The portfolio also includes Ocean Cargo, Builder’s Risk, and Contractor’s Equipment products.

© 2017 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 on Ward Group’s Top 50 Insurers for 27th Year

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Few companies are able to stand the test of time and maintain an outstanding financial performance spanning nearly three decades.

GEICO has notched a spot on Ward Group’s 2017 list of 50 top performing insurance companies. GEICO is one of only a few companies to have earned a top 50 designation for 27 consecutive years.

“The ability to remain in this position for more than two decades is a remarkable achievement in our company’s history and demonstrates a high-level of trustworthiness from our growing customer base,” said Bill Roberts, GEICO president and chief operating officer. “We are proud to be recognized by The Ward Group as a top performing insurance company.”

To develop its annual top 50 list, Ward Group analyzes the financial performance of nearly 3,000 property and casualty insurance companies domiciled in the U.S., and identifies the top performers over the previous five year period (2012-2016).

Jeff Rieder, partner, head of Ward Group mentioned that low investment returns, rising loss costs, and competitive market conditions continue to impact financial returns for the industry. “In selecting the Ward’s 50, we identified companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results,” said Rieder.

© 2017 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 Takes Stake in Italian Insurer

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Berkshire Hathaway Inc. will buy an approximately 9 percent stake in Italian insurer Societa Cattolica di Assicurazioni Scrl from Banca Popolare di Vicenza SpA.

The transaction will be at 7.35 euros per share for a total of cost 115.9 million euros.

On August 3, Standard & Poor’s confirmed Cattolica’s rating as BBB – and the outlook as stable.

Cattolica’s stand-alone credit profile (SACP) was confirmed at bbb+.

© 2017 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.

BHIIL & MedPro Group Acquire Leading UK Provider of Contractual Medical Indemnity Insurance

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Berkshire Hathaway International Insurance Limited (BHIIL) and MedPro Group Inc. (MedPro) have announced the addition of Premium Medical Protection Ltd. (PMP) to the Berkshire Hathaway group of healthcare liability companies.

BHIIL, MedPro and PMP have been working together since 2014 to deliver industry-leading contractual medical indemnity insurance and patient safety & risk management solutions to UK private practice consultants and surgeons. Subject to regulatory approvals, this transaction is expected to close by year-end.

“PMP was created nearly a decade ago to provide UK consultants and surgeons with the best contractual medical indemnity insurance and patient safety solutions available,” said Juliet Bentley, PMP’s founder & CEO. “Our combination of top customer service, winning defence and leading contractual insurance protections have resulted in delighted customers and sustained PMP growth. Joining BHIIL/MedPro Group in the Berkshire Hathaway group of companies offering healthcare liability solutions continues our mission and allows us to further expand our capabilities and services to even more healthcare providers throughout the UK.”

With offices in Leamington Spa, Glasgow and London, PMP and its BHIIL/MedPro partners serve nearly 2000 private practice consultants and surgeons throughout the UK. Ms. Bentley will remain as president, and its employees and operations will continue as is, and PMP and BHIIL/MedPro will work together to ensure all customers continue to receive the best service and solutions.

“We are delighted to be able to work even more closely with PMP, and – with this acquisition – further highlight and strengthen the Group’s commitment to the UK medical malpractice market,” commented BHIIL/MedPro International Vice President John Bartlett. “The Group will be a great home for PMP and its dedicated employees.”

MedPro Group CEO Tim Kenesey added: “For over a century, MedPro has been the leading defender of the reputations and assets of USA healthcare providers. The collaboration with our BHIIL affiliate and others has resulted in new and improved insurance options for Europe’s healthcare providers. With PMP joining BHIIL/MedPro, we expect to grow our over $US 90 million international business and – most importantly – continue to expand our offerings and solutions to more healthcare providers.”

© 2017 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.

General Star Announces New Primary Casualty Specialist Team

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Berkshire Hathaway’s General Star Management Company today announced the creation of the Primary Casualty Specialist Team within the Casualty Brokerage Division.

The new team will consist of Maria Manuli (Primary Practice Leader), Ed Felcyn, Michelle Yoshida and Brianna Gatto.

“We have assembled an experienced and committed team with the knowledge and energy to grow our primary casualty business,” said Cole Palmer, Senior Vice President and Casualty and Professional Brokerage Division Manager for General Star. “We are energized about building primary business with our wholesale brokers.’

“The Primary Casualty Specialist Team will work with all of our casualty brokerage underwriters to deliver innovative solutions.” General Star President and CEO Marty Hacala added, “General Star is continuing to expand its multi-line offerings. The Primary Casualty Specialist Team is another example of our ongoing commitment to being a leader in serving the needs of the E & S marketplace.”

© 2017 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’s Catastrophe Response (CAT) Teams on the Job in Florida

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GEICO’s Catastrophe Response (CAT) teams are now on the ground in Florida.

The CAT teams include auto damage adjusters, supervisors, managers, and IT personnel that are ready to assist policyholders in the wake of Hurricane Irma.

Georgia, South Carolina, and Tennessee adjusters are also ready to assist in those areas.

GEICO is staffing drive-in claims centers throughout Florida. At the same time several hundred associates around the country are taking loss reports and answering incoming calls. As roads open and areas become more accessible GEICO adjusters are expected to see several thousand vehicles through the week.

Berkshire Hathaway’s GEICO is the top auto insurer in Florida, and has the most at risk with Hurricane Irma possibly headed for landfall on the state’s east coast.

In 2016, GEICO had a 20.68% market share of all auto policies in Florida.

© 2017 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.

Travel Insurance Benefits from Recent Hurricanes

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While Hurricanes Harvey and Irma have damaged or slowed many businesses, one area that is seeing an increase in demand is travel insurance.

Berkshire Hathaway Travel Protection has seen a 35% increase in calls and 6% increase in visits to BHTP.com since August 25 – the day before Harvey made landfall,” said BHTP President Dean Sivley. “Hurricane season always heightens the interest in travel insurance because storms can unfortunately ruin vacations that have been planned for months.”

The terms of travel insurance vary, travelers with existing travel insurance policies may be covered for delays, cancellations and interruptions, which may also cover non-refundable trip payments for the following reasons:

• Inclement weather causing delay or cancellation of travel
• Named hurricane causing cancellation or interruption of travel
• Traveler’s destination made uninhabitable or inaccessible
• Traveler or travel companion must cancel because their primary residence is made uninhabitable or inaccessible.

Generally, once a storm is named, travelers can still purchase travel insurance for their trip, but they will not be eligible for coverage for losses caused by travel delays, cancellations or interruptions due to that storm. BHTP advises travelers to contact their travel insurance provider to confirm and understand the coverage purchased.

© 2017 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.