Category: Berkshire Hathaway Specialty Insurance

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) and Tego Insurance have entered into an exclusive underwriting agreement to provide medical indemnity insurance to medical practitioners in Australia.

“We are delighted to work with Tego to bring BHSI’s medical indemnity experience and unrivalled financial backing to the Australian market,” said Tony Bainbridge, Head of Healthcare, Australia, BHSI. “Our combined offering will bring additional choice, flexibility and financial security to Australian doctors.”

“The word Tego originates from Latin, meaning to defend and protect, and that is exactly what we focus on,” said Eric Lowenstein, Chief Executive Officer of Tego. “With a focus on superior customer service and industry-leading products – value is always top of mind.”

With BHSI’s entry into the Australian marketplace, doctors have a new choice in medical indemnity insurance, supported by a technically strong underwriting and claims handling team.

“Claims and complaints can be very stressful for practitioners. We are committed to excellence in claims handling, technical expertise and efficiency,” said Nicole Kroesche, Head of Healthcare Claims, BHSI. “Working closely with the practitioner and supporting them through a claim allows them to get back to focusing on providing quality patient care and worrying less about the claim itself.”

The introduction of innovative products to address the changes in the medical practice, and also the technology trends affecting the medical practitioner, is the goal of Tego and BHSI. As part of its underwriting process, BHSI reviews the individual characteristics of each medical practice since all practices in a particular medical specialty may not automatically pose the same level of risk. This tailored pricing approach may result in significant savings for individual practices.

© 2016 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.

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) is expanding its Executive & Professional Lines capabilities with the introduction of Executive First Public Offering of Securities Insurance (POSI) and Executive First Side A Difference In Conditions (DIC) Liability Insurance in Asia.

“We are pleased to put BHSI’s financial strength to work to give directors and officers the utmost security as they assume directorships and embark on public offerings in uncertain times,” said Patrick Ko, Head of Directors and Officers, BHSI in Hong Kong. “With our POSI, companies and directors and officers can be confident that they are well protected against liabilities associated with capital raising transactions and public security offerings.
In addition, our Excess Side A DIC coverage provides additional peace of mind for individual directors and officers who can find their personal assets at risk due to their respective board positions.”

“BHSI can provide the large-scale capacity these exposures often demand – up to USD $100 million,” said Emily Poh, Head of Executive & Professional Lines, BHSI in Singapore. “In addition, directors and officers can rest assured that their policies reside with an insurer that has both the financial strength and the long-term commitment to see them through any claims ahead.”

BHSI’s new POSI provides coverage for the company (including companies listed on U.S. exchanges), its directors and officers, controlling and selling shareholders, and offering underwriters in litigation arising from a capital raising event, such as an Initial Public Offering (IPO).

BHSI’s Excess Side A DIC coverage is designed for individual directors and officers, including those serving on the boards of U.S. listed public companies. If the company cannot indemnify individuals, the coverage is intended to apply when their underlying D&O Liability Insurance policy cannot respond because its limits have been exhausted or a DIC event occurs.

© 2016 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.

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) in coordination with its affiliate Berkshire Hathaway International Insurance Limited (BHIIL), has established an office in Düsseldorf, Germany, and filled key executive roles in Northern Europe.

“We are laying the foundation to provide customers throughout Europe with a full line of specialty insurance solutions, backed by BHSI’s industry-leading financial strength and underwriting and claims expertise,” said Gregor Koehler, President, Northern Europe, BHSI. “This is the beginning of our exciting journey to provide long term solutions for customers throughout the region.”

BHSI appointed the following executives to key posts in the Düsseldorf office:

• Jörg Bechert, SVP, Head of Executive and Professional Lines, Northern Europe. He was most recently Head of Strategy and Innovation at AON Germany and has almost 30 years of experience in the insurance industry.

• Ulrich Kütter, SVP, Head of Marine, Northern Europe. He joins BHSI with almost 25 years of insurance industry experience and was most recently Head of Marine, Central and Eastern Europe at Allianz Global Corporate & Specialty SE.

• Leander Metzger, SVP, Head of Property, Northern Europe. He joins BHSI with more than 20 years of insurance industry experience. Most recently he was Director, AFM at FM Insurance Company Limited’s Central European Operation. Leander is a Fellow of the Chartered Insurance Institute.

• Robert Scherf, VP, Head of Human Resources, Northern Europe. He was most recently Head of Human Resources at Catlin Europe, and brings nearly 30 years of experience to the role.

In addition, BHSI named Ute Huhmann as Executive Assistant, Northern Europe.

“This latest strategic expansion reflects BHSI’s commitment to growing both our global footprint and our worldwide capabilities,” said Peter Eastwood, President and CEO, BHSI. “We look forward to delivering sound insurance solutions for companies throughout the UK and Europe, while continuing to deepen our global team of individuals with standout capabilities and character.”

In March, BHSI announced its intention to offer a specialty insurance solution in Europe, pending regulatory approval. It named Gregor Koehler to lead the company’s efforts in Northern Europe, and Tom Bolt as President, UK and Southern Europe, BHSI.

© 2016 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.

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) has established a dedicated Medical Stop Loss Division and appointed John Snyder to lead the effort.

BHSI also named David Friedly as Head of Underwriting and Glenn Funk as Actuary for Medical Stop Loss.

“We are pleased to have the talent and experience of John, David and Glenn fueling our move into medical stop loss and building out our team for this product line,” said Sanjay Godhwani, Executive Vice President, BHSI. “Their deep expertise, coupled with BHSI’s strong balance sheet, will allow buyers to make their medical stop loss choice with confidence.”

BHSI notes that John Snyder comes to the company with nearly four decades of experience specializing in employer self-funded medical plans. During the course of his career, he served as a Third Party Administrator (TPA), an employee benefits broker and a Managing General Underwriter (MGU) of stop loss business. He retired from AIG in 2013 after more than a decade as President and Chief Executive Officer of Medical Excess, LLC.

David Friedly has more than 40 years of life and health insurance experience with major commercial insurers and benefits organizations. His career has included leadership roles in operations, compliance, claims and underwriting, with a focus on medical stop loss. David holds a bachelor’s degree in Political Science from the University of Southern California.

Glenn Funk joins BHSI with more than 40 years of industry experience, most recently serving as Vice President and Actuary at AIG Benefits Solutions. Previously, Glen was Executive Vice President and Chief Actuary at Medical Excess, LLC, and served as Chief Actuary at American Health & Life Insurance Company, General Reassurance Corporation and Anthem Insurance Companies. Glenn is a Fellow of the Society of Actuaries. He holds a bachelor’s degree in Mathematics from Yale University and a master’s degree in Actuarial Science from Northeastern University.

All three executives are based in BHSI’s office in Irvine, California.

© 2016 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.

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has expanded its Executive & Professional Lines appetite to private companies in the U.S., launching the Executive First Private Company Portfolio.

BHSI is initially targeting private companies with revenue in excess of $15 million.

The portfolio offers Directors & Officers Liability, Employment Practices Liability (EPL), Fiduciary Liability, Employed Lawyers Liability and Commercial Crime Insurance in one clearly written form, crafted expressly for the exposures of privately held businesses.

“Our Private Company Portfolio provides substantive coverage and value in a contemporary and comprehensive form, backed by BHSI’s financial strength,” said Dan Fortin, Head of Executive & Professional Lines, BHSI. “The new form is the first step in our long-term strategy of providing simple, concise management liability solutions for private companies. A similar solution, tailored for nonprofit risks, is coming soon.”

The Executive First Private Company Portfolio is available with shared or separate coverage limits of up to $50 million. Customers purchasing the EPL coverage part will benefit from BHSI’s EPL First, which provides access to an on-line repository of HR training and compliance resources and attorney-client privileged “help line” services from an employment attorney. Both services are provided by Littler Mendelson, the world’s largest employment and labor law firm.

“We look forward to expanding into the private company sector and building lasting relationships with our insureds and brokers,” said Maura Verrone, Head of Private Company and Non-Profit Organizations, Executive & Professional Lines, BHSI. “The relationships developed by our underwriting specialists will be strengthened by the knowledge, experience and accessibility of our in-house claims and legal resources. Our customers can expect a collaborative approach through the entire process from underwriting to claims handling.”

© 2016 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.

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) has unveiled four new executive and professional lines policies in Australia. The company also named Sami Jaghbir as Senior Underwriting Manager, Executive & Professional Lines, in Brisbane, and Richard Johnson as Senior Underwriting Manager, Executive & Professional Lines, in Melbourne.

The newly launched policies are:

• Executive First Directors & Officers Liability Insurance;
• Professional First Financial Planners Professional Indemnity Insurance;
• Professional First Asset Manager Liability Insurance; and
• Professional First Civil Liability Insurance

“We are pleased to introduce the first of our primary executive and professional lines policies in Australia, while rounding out our geographic footprint with experienced underwriting professionals now in Sydney, Melbourne and Brisbane,” said Cameron McLisky, Head of Executive and Professional Lines, Australasia.

“Our executive and professional lines team looks forward to providing tailored D&O, Financial Institutions and Professional Indemnity solutions with the security of our financial strength and long term commitment to the Australian marketplace.”

Sami Jaghbir joins BHSI after five years at Vero, where he held various positions, most recently as Underwriting Manager NSW/ACT, Professional & Financial Lines. Before Vero, he was Senior Account Executive, Financial & Professional Lines, at Marsh. Earlier in his career, he held positions at Promina, Citibank and Pfizer. A member of the Australian Professional Indemnity Group, Sami holds a Bachelor of Science degree from The University of Queensland; a Diploma of Financial Services, Broking, from the Australia & New Zealand Institute of Insurance & Finance (ANZIIF); and is currently completing a Masters in Commerce, Insurance, Accounting, Commercial Law from Deakin University.

Richard Johnson joined BHSI in October after 18 months at Catlin Australia, where he was Financial Lines Manager for Melbourne. Prior to Catlin, he held a number of underwriting and portfolio management roles with AIG in London and Australia, including Commercial D&O/Crime Underwriting Manager for AIG Europe. Richard received a Bachelor of Commerce degree from the University of Otago.

© 2016 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.

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has begun offering its Professional First Miscellaneous Professional Liability (MPL) Insurance in Canada.

The new MPL policy provides claims-made coverage for professionals and professional services firms facing allegations of negligent acts, errors or omissions, misstatements, misleading statements, neglect, breach of duty and unintentional breach of contract.

“Our new Professional First MPL form provides coverage that maximizes protection and results in peace of mind for Canadian professionals,” said Michael Densham, Vice President of Executive and Professional Lines, Canada, BHSI. “With our coverage and our experienced professional liability team, policyholders are assured of expert, responsive service to help them avoid claims and successfully navigate those that arise.”

The MPL policy includes the following supplemental payment coverages with no retention: coverage for pre-claim assistance, reimbursement of loss of earnings and reimbursement of expenses for policyholder attendance at litigation and disciplinary proceedings.

“Bringing to market this comprehensive MPL form with the financial strength of BHSI underscores our commitment to the professional liability market in Canada,” said Paula Lansky, Assistant Vice President, Professional Liability, Canada, BHSI.

© 2016 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.

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) is entering the surety market in Asia, and has appointed Andrew Ho as Vice President, Head of Surety, Asia. Ho will be based out of BHSI’s Singapore office.

“Our expansion into surety is indicative of our strategy to commit where our deep expertise and top-rated financial strength will create value for our customers,” said Marc Breuil, President of Asia, BHSI. “We are pleased to have Andrew leading our newest business segment, providing quality surety underwriting and responsive local service.”

BHSI is initially focusing its surety efforts in Asia on civil contractors, general builders, engineering firms, equipment manufacturers and suppliers, and fabrication firms.

“A strong surety offering is a welcome addition to the marketplace and rounds out our broad range of coverages for construction and commercial customers in Asia,” said Marcus Portbury, Senior Vice President and Regional Head of Third Party Lines, Asia, BHSI. “We look forward to working with Andrew and our BHSI colleagues worldwide to provide local and global surety solutions, tailored to individual needs.”

Andrew joins BHSI from Standard Chartered Bank where he was Director, Trade Programmes & Credit Insurance. Prior to that, Andrew worked for more than 17 years in surety and trade credit roles at QBE, including Regional Underwriting Manager – Credit & Surety, Client Accounts

© 2015 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.