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Berkshire Hathaway Specialty Insurance

Berkshire Hathaway Specialty Insurance Names Former Chubb Employee to Head New Accident & Health Insurance in New Zealand

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) has appointed Jared McGrath to head its new line of Accident & Health products in New Zealand. The product line includes Corporate Travel, Group Personal Accident, and Expatriate Medical Insurance.

“Jared comes to BHSI with extensive experience in the New Zealand A&H marketplace,” said Cameron McLisky, Country Manager, New Zealand, BHSI. “We are pleased to have him aboard, forging strong partnerships with employers and brokers with A&H solutions that enhance worker wellness and benefits, while lowering employer costs.”

Jared comes to BHSI with nearly 15 years of industry experience. He was most recently New Zealand Corporate Manager, Accident & Health, Chubb Insurance. Before that, he was A&H Corporate Account Manager at the combined ACE/Chubb organization and A&H Account Manager at Ace Insurance.

According to BHSI, its A&H products are distinguished by enhancements that provide meaningful and practical support to employees when they are in need. For example, BHSI’s Corporate Travel Insurance extends emergency assistance and concierge support to employees who face emergencies while traveling or that impact their home or family when they are away. Technology is also integral to BHSI’s A&H strategy. Online claim reporting is available for all products, with SMS notifications keeping claimants up to date throughout the claims process.

© 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.

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Uncategorized

Teamster Mechanics Ratify Agreement With NetJets

(BRK.A), (BRK.B)

The labor troubles that long plagued NetJets are finally over. NetJets aircraft technicians and related employees have ratified a new six-year collective bargaining agreement with the Columbus, Ohio-based fractional ownership private jet company.

NetJets ongoing labor disputes, which for a number of years saw the pilot’s union stage informational picketing at Berkshire Hathaway’s annual meeting, has made steady progress since the pilot’s won a 30 percent raise at the thend of 2015.

The latest agreement is with The International Brotherhood of Teamsters, the Teamsters Airline Division and the Teamsters Local 284 that represent 212 aircraft mechanics, maintenance controllers, stock clerks, aircraft fuelers and aircraft cleaners at the company.

“After more than six years of negotiations, our members secured a new contract with major improvements, including an immediate 20 percent wage increase, additional pay increases every year of the contract, premium-free health insurance that can’t be cut or reduced, retirement improvements and many other benefits,” said Capt. David Bourne, Teamsters Airline Division Director. “The union and its members stand ready to work with NetJets to help ensure a successful company and the highest standards of air safety now and in the future.”

More than 94 percent of the members voted on the proposed contract which goes into effect tomorrow. NetJets will pay signing bonuses of up to $30,000 by the end of the month. NetJets workers are also eligible for employer matching contributions if they direct some or all of their bonus into their 401(k) accounts.

“The new labor agreement was made possible by membership solidarity and the support of unionized NetJets pilots, flight attendants and dispatchers, as well as the hard work and dedication of a long line of Teamsters representatives at every level of our union who pulled out all the stops for these men and women,” said Local 284 President Mark Vandak. “This contract demonstrates what strong unions can accomplish for working people across the United States.”

The new contract runs through December 2023. NetJets has the right to extend the contract for an additional two years if it provides additional wage increases, hires additional aircraft technicians at its Columbus maintenance facility and satisfies other negotiated requirements.

© 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.

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Lubrizol

Lubrizol’s Particle Sciences Signs Manufacturing Deal with PixarBio Corporation

(BRK.A), (BRK.B)

Lubrizol’s Particle Sciences division has signed an agreement to manufacture PixarBio’s NR14 product for clinical trials.

In 2018, PixarBio will be able to apply to the US FDA for fast track approval through the CDER Breakthrough Therapy designation.

“Although the agreement covers our 14 day treatment, we also have a 7 and 3 day product in our pipeline that are not part of this agreement. We worked for over 3 years with PSI to put this agreement in place and look forward to a long term collaboration. I am confident that with the FDA’s fast track approval we can receive FDA clearance to market NR14 in late 2019,” said CEO Frank Reynolds.

According to PixarBio, NeuroRelease™ is a morphine replacement, and non-addictive pain platform for post-surgical pain. First product FDA approval for the platform will be for a 14-day post-surgical pain treatment and it is expected in late 2019.

The platform can be formulated for acute and chronic pain treatments.

© 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.

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Fruit of the Loom

Fruit of the Loom Brand Debuts in India

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Fruit of the Loom has hit the retail shelves in India thanks to a licensing agreement with Rupa and Company, the number one knitwear maker in India.

Rupa, which has the capacity to make over 700,000 pieces of knitwear a day, is paying a fixed royalty for the right to manufacture Fruit of the Loom branded products.

“We aim to achieve sales of Rs 500 crore from Fruit of the Loom in next two-three years,” said Ramesh Agarwal, Whole Time Director of Rupa & Co., in an appearance on CNBC-TV18.

Agarwal is hopeful that the Fruit of the Loom brand will enable it to gain a 20 percent share of India’s premium underwear market.

Rupa has received broad recognition for its success in the knitwear industry, including receiving the Best Corporate Brand Award by The Economic Times at ‘The Economic Times Best Corporate Brands Summit 2015’ held in Mumbai.

© 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.

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Berkshire Hathaway Specialty Insurance Insurance

Berkshire Hathaway Specialty Insurance Company Offers Professional First Financial Institution Professional Indemnity Insurance in Asia

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company (BHSI) has introduced Professional First Financial Institution Professional Indemnity (FIPI) Insurance in Asia.

“Financial institutions are seeing an increase in both the frequency and severity of professional indemnity claims.” said Scotland Walsh-Riddle, Head of Executive & Professional Lines at BHSI Hong Kong. “To respond to their needs, we’re introducing comprehensive and customizable protection to address the exposures FI professionals face now.”

The new BHSI policy is designed to cover a range of claims, from allegations of failure to disclose information, to misleading financial advice and breach of contracts. It combines coverage for civil liability, pre-investigations, mitigation expenses, bail bond costs, court attendance, loss of documents, and more.

“Financial institutions deliver diverse services to their customers,” said Edwin Sim, Assistant Vice President of Executive & Professional Lines at BHSI Singapore. “Hence, we have set out to provide them with the peace of mind that comes with broad FIPI coverage. Through clearly articulated wording, BHSI Asia’s FIPI insurance policy will provide our customers with the security of coverage backed by unmatched financial strength.”

The policy is designed for medium to large financial institutions, including securities dealers, regional banks, insurance companies, reinsurance companies, diversified institutions, and financial technology (FinTech) and corporate advisory firms.

© 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.

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Acquisitions Berkshire Hathaway HomeServices

Berkshire Hathaway HomeServices Carolinas Realty Acquires Attorneys Title

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Berkshire Hathaway HomeServices Carolinas Realty has acquired North Carolina-based Attorneys Title, the company recently announced.

The acquisitions adds expertise, resources and a seamless customer experience to Berkshire Hathaway HomeServices Carolinas Realty.

Attorneys Title President Kimberly Rosenberg and Vice President of Operations Bryan Rosenberg will continue on in their respective roles.

“The Berkshire Hathaway HomeServices Carolinas Realty family of companies is committed to redefining home-buying, home-selling, and homeownership by integrating all the elements of the real estate transaction into a seamless experience,” says Tommy Camp, president and CEO of the Berkshire Hathaway HomeServices Carolinas Realty family of companies. “The merger of Attorneys Title into our organization reinforces and strengthens this commitment and our ability to provide the highest level of service to our clients and sales associates.”

“The longstanding commitment by Attorneys Title to our customers and our employees will not change,” says Kimberly Rosenberg. “Berkshire Hathaway HomeServices Carolinas Realty and Attorneys Title have a shared vision of providing superior customer service. In Berkshire Hathaway HomeServices Carolinas Realty we have found a business partner with an impeccable reputation and one that provides us with exciting opportunities for growth as we continue to serve the needs of our new and existing clients.”

Bolt-On Acquisitions Continue to Power Berkshire’s Growth

© 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.

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GEICO Insurance

GEICO in Major Hiring Spree in Virginia Beach

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Insurer GEICO is adding to its staff in Virginia Beach, Virginia, and expects to fill 500 positions in claims, sales, service, auto damage and the company’s management development programs.

The Berkshire Hathaway-owned company does not require applicants to have previous experience due to GEICO’s extensive training courses.

“One reason we were again named a ‘Best of the Beach’ employer in Hampton Roads is because of our commitment to helping associates develop long-term careers,” said John Pham, vice president of GEICO’s regional operations. “Our associates know we promote from within, which gives them a lot of chances for advancement. It’s not unusual for associates to earn two promotions within the first year of employment with us.”

Mark Boggs, a claims manager, can attest to that. “I started as a claims adjuster just three years ago. GEICO gives you the tools and support to be successful, and with consistent hard work and dedication, there’s really no limit to how fast you can move.”

John Pham added, “We know that many people come to GEICO for a job. They think they’ll stay a year or so. What we do is surprise them with a career. Many of our associates have 10- , 20-, and 30-year careers with GEICO, some even longer.”

© 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.

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Berkshire Hathaway Specialty Insurance Insurance

Millennials Use of Travel Insurance a Boost for Berkshire Hathaway Travel Protection

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Millennials are purchasing travel insurance at a dramatically higher rate than the Baby Boomer generation, according to a new report conducted by Berkshire Hathaway Travel Protection.

Berkshire Hathaway Travel Protection’s (BHTP) State of Travel Insurance report found that “Younger travelers (ages 25 to 44) indicated their purchases of travel insurance are up significantly, with 56 percent of Millennial travelers stating they purchased more travel insurance in 2017 than they did in 2016 (35 percent). For Boomers, 43 percent of travelers ages 55 to 74 said they bought less travel insurance in 2017 compared to 2016 (5 percent), and the shift in consumers’ buying behavior seems likely to continue.”

“This is our third year of conducting the State of Travel Insurance research, but this is the first time we’ve seen a noticeable shift in the purchase intents between older and young travelers,” said Dean Sivley, president of BHTP. “The full report reveals that the person long considered to be the typical travel insurance buyer, the 55-to-74-year-old Boomer, is purchasing less due to a desire to travel less frequently, which obviously reduces the need for travel insurance. Conversely, Millennial travelers are planning to buy at a much higher rate in 2018 because they state they better understand travel insurance benefits.”

The report also notes that younger travelers increasingly use comparison sites (46 percent of younger travelers vs. 14 percent of older travelers), read online reviews (46 percent vs. 10 percent) and talk to friends (32 percent vs. 17 percent) when they make their travel insurance buying decisions.

© 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.

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Duracell

Berkshire Hathaway Promotes Thom Lachman to CEO of Duracell

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Berkshire Hathaway has elevated Thom Lachman to CEO of the Duracell Company, effective January 1, 2018. Roberto (Bobby) Mendez will take over Lachman’s former role, being promoted to President of Duracell North America.

Angelo V. Pantaleo, who served as CEO of the Duracell Company since Berkshire Hathaway’s acquisition of the company was completed in March 2016, has accepted the new position of President & COO of Marmon Holdings, Inc., a Berkshire Hathaway Company. He will also continue to provide oversight as Chairman of the Duracell Company Board of Directors.

Lachman joined Berkshire Hathaway as a member of Berkshire Hathaway’s Duracell Transition Team on November 1, 2015, and has served as Duracell’s President of North America since March 1, 2016.

Before coming to Berkshire Hathaway, Thom gained over 30 years of experience with Procter & Gamble (P&G). His last role as President of P&G Canada was preceded by a role leading the North America integration of the Gillette acquisition. He also served as the Global Marketing Director for PUR Water Filtration. Rounding out Thom’s P&G career is a variety of brand and manufacturing management roles, having earned both his B. S. in Chemical Engineering and his MBA from Tulane University.

“Thom and Bobby are crucial members of the Duracell leadership team,” said Angelo Pantaleo. “We are excited to see them flourish in these new roles and strengthen even further the success of this great company.”

Bobby joined Berkshire Hathaway officially on the date the Duracell acquisition was completed: March 1, 2016, and has served as Duracell’s President of Latin America & OEM business since that time. Prior to coming to Berkshire Hathaway, Bobby enjoyed a career with Procter & Gamble that spanned over 23 years. For the last 6 years of his P&G career, Bobby served as Duracell’s CFO. Before Duracell, Bobby held a number of financial roles including CFO for P&G Mexico, LA HQ Corporate Finance Associate Director, and Group Manager for Puerto Rico/Caribbean Finance. Bobby earned his BSBA in Finance from Georgetown University.

© 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.

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McLane

McLane Company Opens $150 Million Distribution Center

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Berkshire Hathaway’s wholly-owned supply chain services company, McLane Company, Inc., has opened a new, $150 million, 417,338-square-foot grocery distribution center in Findlay, Ohio.

“Of our 80 grocery and foodservice distribution centers nationwide, the Findlay facility is the most technologically advanced combining teammates, state-of-the-art automation, advanced robotics and artificial intelligence,” said Tony Frankenberger, President of McLane Grocery.

The McLane Findlay distribution center will employ approximately 400-500 teammates in Ohio.

Of McLane’s 80 distribution centers nationwide, the massive Findlay facility is the most technologically advanced – utilizing teammates, robotics and artificial intelligence to deliver over 325,000 picks of items per day at peak operation.

Governor John Kasich gave remarks applauding McLane’s decision to locate in Ohio and highlighted the positive impact McLane has on the community. He touched on some of McLane’s inclusive hiring policies stating, “That is a huge, huge deal, when we’re giving everybody a chance.”

The McLane Findlay distribution center will store approximately 16,000 grocery and convenience store items representing over 700 suppliers, which will continue to increase in 2018. Robots utilize bar codes on the products to store and transfer pallets of goods, traveling up to 60 mph to fulfill orders. McLane teammates help control and program the robots and load and organize products into bins based on the products’ final destinations.

These items are then delivered to convenience stores, mass merchants, warehouse clubs and drug stores in Ohio, Michigan, Indiana and Pennsylvania.

“There is an outstanding culture providing a strong workforce place here in Findlay in Hancock County and when I say strong I mean that in the sense of commitment, respect, and teamwork,” said Julie Norris, Division President, McLane Grocery Distribution.

The McLane Findlay distribution center employed 500 construction trade representatives over the facility’s 14-month construction. The company is committed to hiring Ohioans and contributing to the Findlay and Ohio economy. Teammates are relocating to Findlay from Toledo, Lima, Indianapolis and Detroit to work at McLane. In addition, McLane has hired over 95 truck drivers, with plans to hire 75 more.

© 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.