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Berkshire Hathaway Specialty Insurance

Berkshire Hathaway Specialty Insurance Fills Key Leadership Positions in Madrid

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance has filled three key leadership positions in Madrid, naming Diego Espinosa as Head of Property, Juan Madrid as Head of Casualty, and Tomás Blas as Head of Technical Lines.

“We are pleased to build out our leadership team and capabilities in Spain with the addition of these highly experienced professionals to lead our entry into property, casualty and technical lines,” said Ignacio Almazan, Country Manager, Spain, BHSI. “We look forward to continuing to expand our capabilities and to bring BHSI’s underwriting acumen, service excellence and financial strength to this thriving market.”

Diego comes to BHSI with more than a decade of industry experience at RSA Spain, where he was most recently Property Development Leader/Property Lead Underwriter. He began his career at the Global Graduate Programme at RSA in Mexico. He holds a master’s in Business Administration from ESERP Business School and a degree in Chemical Engineering from the Instituto Technológico y de Estudios Superiores de Monterrey (ITESM).

Juan has more than 35 years of industry experience, most recently as Liabilities Manager at Chubb Iberia. Before that, he spent 14 years in casualty underwriting at AIG Europe Limited, most recently as Casualty, Healthcare and Motor Fleets Manager in Spain and Portugal. He began his carrier at Nacional Hispanica in 1984. Juan has a law degree from Universidad Autónoma de Madrid and a master’s in Insurance Management from ICEA.

Tomás has nearly 15 years of industry experience, most recently as Regional Head of Engineering Lines, Mediterranean Region at Allianz Global Corporate & Specialty (AGCS). Before that, he was Head of Engineering Lines for Spain & Portugal and Global Practice Group Leader of Utilities, Services, IT & Communications at AGCS. He received a degree in Industrial Engineering from the Universidad de Castilla-La Mancha and an executive master’s degree in Business Administration from the European School of Management and Technology in Berlin.

In Spain, BHSI will serve corporate business property and casualty accounts across all industries. In technical lines, BHSI is targeting construction, power, energy and engineering risks of all sizes.

© 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.

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Dairy Queen

Dairy Queen Shopping for New PR Firm

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Berkshire Hathaway’s International Dairy Queen, Inc. has cool new headquarter in Bloomington, Minnesota, and it may soon have a new PR firm as well.

Dairy Queen is reportedly shopping for a firm to replace its current PR firm, Pierson Grant, which has represented Dairy Queen’s 4,500 U.S. franchises for over a decade.

Pierson Grant is a full-service public relations, digital strategy and creative marketing firm based in Fort Lauderdale, Florida.

No information has been released as to a reason for making a change, or when it is anticipated to happen.

© 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.

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Berkshire Hathaway Specialty Insurance Insurance

Berkshire Hathaway Specialty Insurance Enters the Surety Market in Australia

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Berkshire Hathaway Specialty Insurance is entering the surety market in Australia and has named Jonathan Griffiths as Head of Surety, Australia.

“We are pleased to expand our surety footprint and our team into Australia. With his extensive experience, Jonathan is exceptionally qualified to bring to market surety solutions with BHSI’s agility, underwriting expertise and financial strength,” said Mark Lingafelter, President, Australasia, BHSI.

BHSI will focus on providing contract surety solutions for large and mid-sized contractors throughout Australia. The company currently provides surety solutions in the U.S, Canada, UK & Europe and Asia.

Jonathan comes to BHSI with more than a decade of surety underwriting experience at Liberty Specialty Markets, where he was most recently Head of Surety, Asia-Pacific, based in Sydney. Before that he held increasingly senior roles underwriting surety for Liberty in Australia as well as North America, the UK and Europe.

He holds a bachelor’s degree in Business Economics from London Metropolitan University in the UK and an Associate in Fidelity and Surety Bonding certification. He has served as Vice President of the Australian Surety Association since 2015.

© 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.

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Berkshire Hathaway Energy

Berkshire Hathaway Plans $200 Million Wind Farm in Alberta

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Berkshire Hathaway’s BHE Canada will break ground on a new wind farm in southeast Alberta in 2020, and a large Canadian corporate partner has signed a long-term power purchase agreement with BHE Canada for the majority of the energy output from the Rattlesnake Ridge Wind project.

The new 117.6 MW Rattlesnake Ridge Wind project will be located southwest of Medicine Hat and will produce enough energy to supply the equivalent of 79,000 homes.

“The Rattlesnake Ridge Wind project is a leader in the development of new grid-scale wind generation in Alberta, being constructed and operated without government subsidies,” said William Christensen, Vice President Corporate Development of BHE Canada. “BHE Canada is excited to take this first step into the Alberta market, providing low-cost, renewable energy. We’re looking forward to more opportunities to invest in Alberta’s energy industry.”

“Alberta is proud to be home to so many great innovators and entrepreneurs who see the opportunity that exists when people choose to invest and create jobs here. This exciting new energy project will add to Alberta’s impressive renewable energy network, and is a vote of confidence in our economy. Even more encouraging is that this $200 million project does not rely on government subsidies, but instead relies on the potential and opportunity that exists right here in Alberta,” said Alberta Premier Jason Kenney.

Privately financed by BHE Canada through a combination of equity and debt, the more than $200 million project is under development by RES, which will also provide construction and asset management services. RES has extensive experience in building large-scale renewable energy projects around the world, including the 150 MW Halkirk Wind project in east-central Alberta. The project is expected to provide approximately 150 jobs at peak construction during the approximately 18-month schedule.

“RES is delighted to partner with BHE Canada to leverage our expertise and experience to bear in delivering clean renewable power to Alberta,” said Graham Reid, CEO of RES in the Americas.

Once the project is complete, the wind farm will generate electricity from up to 28 wind turbines and is expected to provide approximately 475 GWh per year. Rattlesnake Ridge Wind is expected to begin generating energy for Alberta’s grid in December, 2021.

BHE Canada and RES have also permitted the Forty Mile Wind Farm in the County of 40 Mile in southeastern Alberta and are looking for partners in long-term power purchase agreements. This project will have a generation capacity of 398.5 MW, potentially making it the largest wind power project in Canada, and is located on approximately 40,000 acres of privately-owned land, roughly five kilometres east of the town of Bow Island.

BHE Canada was established in 2015 after Berkshire Hathaway Energy (BHE) made its foray into the Canadian market with the purchase of AltaLink, Alberta’s largest independent transmission provider.

BHE Canada is focused on business opportunities within all aspects of the energy infrastructure market across Canada, including electricity transmission and distribution, and oil and natural gas infrastructure. With a particular focus on renewable energy, BHE Canada will invest in power generation sources including wind, solar and natural gas.

BHE Canada also owns a 20 MW natural gas fired, reciprocating engine driven generating facility northwest of Medicine Hat in southern Alberta. The facility went into commercial operation in December 2016.

© 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.

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Minority Stock Positions Stock Portfolio

BYD to Sell Electric Yard Trucks to PepsiCo

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Chinese battery and vehicle maker BYD will deliver three 8Y electric yard tricks to PepsiCo.

The company’s Frito-Lay facility in Modesto, California, will test out the trucks as part of a state project designed to showcase economically and environmentally sustainable warehousing and distribution technology.

The BYD 8Y electric yard trucks are part of what the California Air Resources Board (CARB) has termed a bold and transformative effort to replace the use of all diesel-powered freight equipment within one of Frito-Lay’s largest facilities.

“We’re honored to be part of this major milestone demonstrating the operational, economic, and environmental sustainability benefits of our zero-emission trucks,” said John Gerra, BYD Director of Business Development, Electric Trucks. “BYD trucks are out there right now working hard every day throughout California.”

The San Joaquin Air Pollution Control District is the lead agency with funding from CARB’s Zero and Near-Zero Emission Freight Facilities program.

The Frito-Lay Zero and Near-Zero Emission Project: Modesto, CA is part of California Climate Investments, a statewide program that puts billions of Cap-and-Trade dollars to work reducing greenhouse gas emissions, strengthening the economy, and improving public health and the environment — particularly in disadvantaged communities.

The project includes equipment testing, a one-year demonstration period, data collection, and associated reporting. The San Joaquin APCD anticipates the various equipment to be rolled out at different times to complete the demonstration, with full project completion in early 2021.

CARB anticipates the project will be emulated statewide.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold, and is now worth roughly $1.96 billion.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 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.

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Lubrizol

Lubrizol Sets Up Fund for Environmental Damage from Rouen Fire

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According to the newspaper Les Echoes, Lubrizol will set up a fund of roughly 50 million euros pay for the losses of farmers and other industries affected by the fire that destroyed its chemical plant in Rouen, Normandy, France.

An estimated 5,250 tons of chemicals, oil and fuel additives went up in flames in a massive fire that caused roughly 40 to 50 million euros ($44-55 million) in agricultural losses in the surrounding area, according to France’s Agricultural Minister.

The government has ordered a ban on the harvesting of crops and sale of animal products from the area due to the oily soot that blanketed the countryside.

According to Les Echoes, Lubrizol will directly compensate some 450 farmers in the region due to the ban on milk production because of the blaze.

The Rouen plant was founded in 1954, and manufactured and packaged additives for lubricants and paint.

No casualties have been reported and the cause of the blaze has yet to be determined.

© 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.

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Minority Stock Positions Stock Portfolio

BYD Sells 21 Pure Electric Big Rigs to Anheuser-Busch

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Big things are brewing for BYD at one of the world’s biggest brewers.

Chinese battery and vehicle maker BYD has delivered 21 zero-emission BYD Class 8 electric trucks Anheuser-Busch.

BYD notes that this is the largest deployment of its kind in North America.

According to BYD, the environmental benefits for the 21 trucks in the aggregate
will prevent: ~462 metric tons of GHG per year, and ~732.9 lbs of NOx per year, as compared to diesel trucks.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold, and is now worth roughly $1.96 billion.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 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.

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Insurance

MedPro Group Acquires Renewal Rights for Swiss Re Corporate Solutions Healthcare Professional Liability Business

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Berkshire Hathaway’s MedPro Group has entered into a definitive agreement with Swiss Re Corporate Solutions to acquire the renewal rights to SRCS’s Healthcare Professional Liability book of business effective October 11, 2019.

The agreement includes Hospital and Senior Care accounts underwritten by SRCS from the US, as well as US Hospital and International Healthcare Professional Liability accounts underwritten by SRCS from London and other offices around the world.

“This transaction is further evidence of our unwavering dedication to the challenging healthcare liability market in the US and, increasingly, around the world,” said Jean-Paul Rebillard, President, MedPro Specialty. “We are excited by this opportunity because Swiss Re Corporate Solutions’ healthcare professional liability clients and approach to underwriting and service complement our industry-leading Specialty business that provides solutions to healthcare organizations of all types.”

Current SRCS policyholders will be eligible to receive renewal offers from MedPro and its affiliates upon the expiration of their policies. To help ensure seamless service, several key members of the SRCS healthcare team are joining MedPro.

MedPro CEO Tim Kenesey added that “more healthcare providers choose MedPro over any other insurer because of our century-long commitment to delivering unsurpassed peace of mind, expertise and choice to healthcare providers and organizations. And, as Berkshire Hathaway’s chairman Warren Buffett has said, ‘MedPro is also now a favored solution for owners of healthcare liability insurers who seek the world’s most stable home for their policyholders in an increasingly unstable healthcare liability landscape.’”

With over $1.6 billion in premium, MedPro Group is the leader in customized insurance, claims and patient safety & risk solutions for more than 250,000 physicians, surgeons, dentists and other healthcare professionals, as well as hospitals, senior care and other healthcare facilities.

© 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.

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Lubrizol

Agricultural Minister Estimates Crop Damage from Lubrizol Fire

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The estimated 5,250 tons of chemicals, oil and fuel additives that went up in flames in a massive fire at a Berkshire Hathaway-owned Lubrizol plant in Rouen, Normandy, France, has caused roughly 40 to 50 million euros ($44-55 million) in agricultural losses in the surrounding area, according to France’s Agricultural Minister.

The government has ordered a ban on the harvesting of crops and sale of animal products from the area due to the oily soot that blanketed the countryside.

During the multi-day blaze, nearby residents sheltered in place and local schools were closed, as more than 130 firefighters battled the fire, which left the facility in ashes.

Some fears of toxic chemical contamination eased a bit when France’s Minister of Health has announced that “first samples remain below the recommended thresholds of the normal environment.”

The Rouen plant was founded in 1954, and manufactured and packaged additives for lubricants and paint.

No casualties have been reported and the cause of the blaze has yet to be determined.

© 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.

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Nebraska Furniture Mart

Grandscape to Get First Sony Digital Theater in Texas

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Sony Electronics Inc. has announced the expansion of its Sony Digital Cinema™ premium large-format (PLF) movie theater auditorium to its first location in Texas, at Galaxy Theatres in The Colony.

Sony Digital Cinema is a heightened experience for PLF theaters that features Sony’s industry-leading, dual-laser projection system, along with powerful sound and luxury reclining seats.

The contemporary cinema is planned to open in spring 2020 at Galaxy Theatres’ newest venue at Grandscape – a one-of-a-kind, mixed-use real estate development featuring shopping, dining and attractions.

Grandscape is developed by Nebraska Furniture Mart Inc., a Berkshire Hathaway company, and affiliates. The 85,000+ square-foot luxury dine-in theater, located in the Dallas/Fort Worth vicinity, will feature 15 screens and serve as the anchor of Grandscape’s entertainment district.

Building on the success of Sony’s first PLF auditorium at Galaxy Theatres’ Las Vegas location, Galaxy Grandscape will be the ultimate movie-going experience in Texas. To further enhance presentation quality and audience enjoyment, each of the theater’s 15 screens will incorporate Sony’s latest 4K laser digital cinema projectors, which combine clarity with brightness, color and contrast for the ultimate in picture quality. The immersive Sony Digital Cinema PLF space, which will also offer more than 250 stadium-style reclining seats and dynamic sound, will serve as the heart of the new theater and engage attendees by bringing movies to life in the manner they were meant to be seen.

“On the heels of our mutual success launching the world’s first Sony Digital Cinema PLF together, we are pleased to work with Galaxy Theatres to bring this exceptional and unforgettable experience to movie lovers in the Dallas/Fort Worth area,” said Theresa Alesso, pro division president, Sony Electronics. “The Sony Digital Cinema auditorium combines Sony’s stunning visual technologies with innovative theater design and powerful audio to create a unique and truly immersive sensory experience.”

“Galaxy Theatres’ Grandscape location is being thoughtfully designed and outfitted with the movie-goer in mind, from the décor and the food, to the state-of-the-art technology,” explained Rafe Cohen, president of Galaxy Theatres. “After collaborating on a Sony Digital Cinema auditorium in Las Vegas, we experienced the immense appetite for luxury entertainment experiences first-hand. Having our premier new theater as the lynchpin of Grandscape’s innovative lifestyle complex will enhance our exposure among an audience who already values a premium offering.”

© 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.