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Appointments

Berkshire Hathaway Specialty Insurance Ups Two Execs to Regional Leaders for Europe and the Middle East

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) has announced two key appointments to its leadership team. Alessandro Cerase has been appointed as President & Head of Europe Region, while Neeraj Yadvendu has been named Head of Middle East.

Alessandro joined BHSI in 2018 as Senior Executive Officer for BHSI Middle East and has more than 25 years of experience in the global insurance industry. He led the launch of BHSI’s business in the region and was subsequently named Global Property Underwriter Officer for Construction & Energy in 2020. Alessandro will continue to be based in Dubai and report to Peter Eastwood, BHSI’s President and CEO.

Neeraj, who has over 26 years of global insurance industry experience, joined BHSI in 2018 as Deputy Senior Executive Officer and Head of Third Party Lines in the Middle East. He has been instrumental in BHSI’s growth in the region and will now also take on the role of Senior Executive Officer of the Dubai International Financial Centre Branch, subject to regulatory approval. Neeraj will continue to be based in Dubai and report to Marc Breuil, Head of Asia Middle East, BHSI.

BHSI has been steadily expanding its operations around the world and has experienced accelerated growth in its Europe and Middle East regions. The company’s President and CEO, Peter Eastwood, expressed confidence in the new appointments, saying, “We are excited to have Alessandro and Neeraj in these key leadership roles as we continue to strategically expand our presence in these important regions.”

© 2023 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 a 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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BYD

BYD Adds Keolis to Its Los Angeles Skyrail Express Team

Berkshire Hathaway-backed BYD has announced its partnership with Keolis in North America for the proposed Los Angeles SkyRail Express (LASRE).

Keolis is a global leader in the shared mobility market, with over a century of experience in enhancing the transit experience for passengers.

LASRE was awarded a Predevelopment (PDA) by the Los Angeles County Metropolitan Transportation Authority (Metro) for the Sepulveda Transit Corridor (STC) Project. Under the PDA, LASRE is working collaboratively with Metro to provide the most modern high-capacity SkyRail solution to ease congestion on the I-405 corridor between Los Angeles’ San Fernando Valley and the Westside in the shortest timeframe possible.

SkyRail is an advanced, driverless, straddle-type transit system representing state-of-the-art technology that has evolved over nearly 60 years.

SkyRail is a growing transit option across the globe, including São Paulo, Bangkok, Cairo, Tokyo and Chongqing. In total, SkyRail covers 269 miles, with over 400 stations, and carries millions of passengers each day.

SkyRail is far lighter, less costly, faster, and easier to construct than comparable elevated structures required by traditional rail vehicles, increasing mobility options for a more sustainable future.

The advantages of SkyRail operating in the I-405 median include minimizing disruption to communities and making it a visible option that encourages taking public transportation. LASRE aims to deliver this project with the fastest construction time possible, compared to any other traditional rail technologies.

SkyRail would be configured for a potential peak line capacity of up to 22,000 passengers per hour per direction with a 2-minute headway.

SkyRail is a compelling alternative for the Sepulveda Corridor, providing a much-needed alternative to the heavily-traveled Sepulveda Pass, where over 400,000 people travel each weekday between the LA Basin and the San Fernando Valley through the 405 freeway and Sepulveda Blvd to get across the Santa Monica Mountains. SkyRail would link thousands of people who live, work, and play in the San Fernando Valley at four future stations: Ventura Blvd, Metro G Line, Sherman Way, and the Van Nuys Metrolink Station.

SkyRail alternatives would also provide a new transit connection from the main alignment to UCLA via electric bus, elevated SkyShuttle (APM), or an underground monorail within the main route.

© 2023 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a 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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Lessons From Warren Buffett

Lessons From Warren Buffett: I Wouldn’t Trade a Single Share of Berkshire for Gold

Warren Buffett is resolute in his stance that he would never swap his Berkshire Hathaway shares for gold or any other commodity. He emphasizes that the notion of trading a productive asset for a non-productive one is entirely unfamiliar to him.

“I can’t imagine ever exchanging any of my shares for gold coins,” Buffett said at the 2000 Berkshire Hathaway annual meeting. “I would rather trust in the intrinsic value of a bunch of really fine businesses run by good managers selling products that people like to buy and have liked to buy for a long time, and then exchanging their future efforts, the money that comes from their wages, for See’s Candy or Coca-Cola or whatever, than take some piece of metal that people dig out of the ground in South Africa and then put back in the ground at Fort Knox, you know, after transporting it and insuring it and everything else.”

Hear Buffett’s full explanation

See the complete Lessons From Warren Buffett series

© 2023 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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NetJets

NetJets Once Again Facing Labor Troubles From Pilots’ Union

(BRK.A), (BRK.B)

NetJets, a subsidiary of Berkshire Hathaway, is facing a major challenge in the marketplace as the pilot shortage continues to tighten its grip.

NetJet’s Executive Management Team is yet to take proactive steps to attract and retain increasingly scarce pilot talent, claims the NetJets Association of Shared Aircraft Pilots (NJASAP).

“We are watching management teams across the industry – from legacy carriers to ultra-low-cost carriers – take bold steps to reinforce their competitive footing for top pilot talent,” NJASAP President Capt. Pedro Leroux said. “We fear NetJets’s intransigence on this industry-shaping moment will have very serious consequences for the brand’s ability to deliver the unparalleled safety and service product for which our customers pay a premium.”

The shortage of pilots is a critical issue across the aviation industry, with legacy carriers and ultra-low-cost carriers taking steps to reinforce their competitive footing for top pilot talent.

NetJets and its pilots union had a decade of often contentious relations. However, in 2021, they reached a new agreement without any of the past drama. The relationship between the two parties had hit rock bottom in 2015, with angry pilots conducting picketing at the Berkshire Hathaway annual meeting in Omaha.

Earlier this week, NJASAP filed a complaint against the luxury jet carrier in the United States District Court for the Southern District of Ohio. The lawsuit accuses NetJets of attempting to suppress union-related pilot speech in violation of federal labor law. NJASAP filed the lawsuit after NetJets threatened to discipline pilots for referring customers to the Union’s website.

© 2023 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 a 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.

Categories
NetJets

Pilots’ Union Sues NetJets

The NetJets Association of Shared Aircraft Pilots (NJASAP), which represents the 3,000-plus pilots employed by Berkshire Hathaway’s NetJets, Inc., has filed a complaint against the luxury jet carrier in the United States District Court for the Southern District of Ohio. 

The lawsuit accuses NetJets of attempting to suppress union-related pilot speech in violation of federal labor law. NJASAP filed the lawsuit after NetJets threatened to discipline pilots for referring customers to the Union’s website.

According to the union, NJASAP filed the lawsuit  in response to NetJets’s threat to discipline or to discharge pilots for referring aircraft owners and customers to the union’s www.GenuineQS.com website when they ask questions about contract negotiations. The Union website provides visitors with information about the sustained U.S. pilot shortage, the status of negotiations between the parties and how career earnings at NetJets compare to the airlines.

In a press release, the union states that on March 8, 2023, NetJets Chief Operating Officer Alan Bobo sent an email to NetJets pilots accusing them of violating the carrier’s work rules. Union representatives asked NetJets how pilots should respond if they are asked questions about contract negotiations and related issues. But NetJets refused to respond to the union’s questions and did not lift the ban on speaking about the website.

“The aircraft owners and customers we fly engage our pilots in conversations every day, including about their jobs and a wide variety of other topics,” NJASAP President Capt. Pedro Leroux said. “It is only natural that they would ask us for basic information about our current labor dispute when they see picketers. Referring to a union website is a professional and legal way to respond to their questions. We believe NetJet’s discriminatory ban on union-related speech is unprofessional and illegal.”

While prohibiting pilots from speaking about the union website, NetJets President of Sales, Marketing and Service Patrick Gallagher, on April 19, sent an email to hundreds of NetJets employees claiming the pilot union’s leadership is out of touch with its members.

Gallagher’s email, sent the same day that more than 350 NetJets pilots engaged in an informational picket at the air carrier’s Columbus, Ohio headquarters, also accuses NJASAP and unions at unnamed airlines of raising safety issues “when negotiations heat up” as part of what he referred to as “the union playbook.” In the lawsuit, NJASAP calls these allegations false, reckless, and part of a campaign to undermine the pilot union and its elected leadership in violation of the Railway Labor Act.

“NJASAP stands ready to resolve our disputes with NetJets in the best interest of pilots, the company we work for and the people who depend on us for world class safety and service,” Leroux said. “What we will not stand for is an attack on our members’ workplace speech rights or their federally protected right to elect union leaders without management interference.”

© 2023 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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BYD

BYD Debuts DiSus Intelligent Body Control System

Berkshire Hathaway-backed BYD has launched its latest technological breakthrough, the BYD DiSus Intelligent Body Control System. This full-stack, self-developed system is designed exclusively for NEVs and represents a significant milestone for BYD, as it becomes the first Chinese automobile manufacturer to own intelligent vehicle body control technology throughout.

The BYD DiSus System is a systematic solution for vehicle body control, offering collaborative control in body dynamics, including lateral, longitudinal, and vertical motions. This comprehensive system of perception, decision-making, and execution significantly improves the driving experience, ensuring the vehicle is agile and effectively compatible in most driving scenarios.

Safety is a top priority for BYD, and the DiSus System minimizes the risk of vehicle rollover and reduces the displacement of occupants during high-speed cornering, full-throttle acceleration, or emergency braking. It also protects the vehicle from scratches and damages under various road conditions.

At the launch event, BYD showcased the DiSus-X, equipped in the Yangwang U9, which can dance, jump, and drive with only three wheels. The DiSus System is available in several models under the BYD Dynasty series, BYD Ocean series, DENZA, Yangwang, and the new brand launching this summer that specializes in professional and personalized identities.

As a global leader in NEVs, BYD is committed to driving technological advancements with a “technology-based, innovation-oriented” mindset and approach. The company’s aspiration is to take the development of Chinese NEVs to the next level globally and provide technological innovations for a better life.

Founded in 1995 as a rechargeable battery maker, BYD has diversified its business scope, covering automobiles, rail transit, new energy, and electronics. With over 30 industrial parks in China, the United States, Canada, Japan, Brazil, Hungary, and India, BYD is dedicated to providing zero-emission energy solutions that reduce global reliance on fossil fuels. Its new energy vehicle footprint covers six continents, over 70 countries and regions, and more than 400 cities.

BYD Auto, the automotive subsidiary of BYD, is focused on developing pure electric and plug-in hybrid vehicles, aiming to accelerate the green transition of the global transportation sector. The company has mastered the core technologies of the entire industrial chain of new energy vehicles, including batteries, electric motors, electronic controllers, and automotive-grade semiconductors. BYD Auto is the world’s first carmaker to stop the production of fossil-fueled vehicles on EV shift and has remained the top new energy passenger vehicle sales in China for nine years in a row.

© 2023 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a 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.

Categories
Appointments

Berkshire Hathaway Specialty Insurance Names Three Claims Execs in Germany

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Berkshire Hathaway Specialty Insurance (BHSI) has announced that it has named three executives to claims leadership roles in Germany.

Sandra Leyendecker has been promoted to Head of Casualty Claims. She joined BHSI in 2022 as Senior Casualty Claims Examiner, bringing more than 20 years of industry experience to the role.

Ingo Lorber joins BHSI as Head of Property Claims. He has nearly 30 years of industry experience, most recently customizing claims handling for major claims at another global insurer.

Michael Brobach has been named Head of Executive & Professional Lines Claims. He comes to BHSI from another global insurer where he held increasingly senior positions managing financial lines claims for nearly 15 years.

“Sandra has been an invaluable asset to BHSI and our customers, embodying our CLAIMS IS OUR PRODUCT® philosophy to ensure excellent service to customers and brokers throughout the DACH region and around the globe. With the addition of Ingo and Michael, we have in place exceptional claims leaders who will further elevate our claims teams and the service and certainty we bring to customers,” said Andreas Krause, Head of DACH, BHSI.

All three leaders will be based in Cologne.

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 a 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 Announces Insights-Driven, Consumer-Led Nutra 2.0 Strategy

(BRK.A), (BRK.B)

Berkshire Hathaway’s Lubrizol Life Science Health (LLS Health) is taking a new, consumer-led approach to its added-value nutraceuticals.

At Vitafoods Europe in Geneva, which takes place from May 9 to 11, 2023, LLS Health will unveil its mission to synchronize supplement makers with their customers’ behaviors. The company’s increased consumer focus will highlight the strengths of its current portfolio of insight-based solutions designed to deliver strong, market-driven product benefits for its customers.

LLS Health has partnered with 113 industries, an AI-driven research company that specializes in developing consumer behavior models using machine learning and AI to gather and analyze vast relevant consumer-generated content. The objective was to gain deeper insights into the purchasing behavior of dietary supplements based on conversations and activities on social media platforms. The research characterized several types of supplement consumers, including health-hooked consumers eager to explore new products to maintain overall well-being, informed seekers of solutions to personal problems, irregular users, mechanical users, skeptics who believe in “food first and supplements only when necessary,” and fertility/pregnancy-minded consumers.

Lubrizol’s goal is to satisfy both the logical, fact-driven, and the emotional, sensory-driven sides of the consumer mind. By investing in new market research and focusing on trending health benefit platforms, Lubrizol brings its customers actionable insights coupled with unique, science-backed branded ingredients while collaborating on supplement innovation. The company’s approach puts consumer needs first, helping manufacturers align with consumer insights and goals.

© 2023 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 a 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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BNSF

BNSF Railway’s Union Agreement Continues to Resolve Sick Days Issue

(BRK.A), (BRK.B)

BNSF Railway, a subsidiary of Berkshire Hathaway, has announced that members of the Transportation Communications Union (TCU)/Brotherhood of Railroad Carmen (BRC) will now receive an additional four paid days off to use as sick days. Furthermore, these members will gain the ability to convert up to three personal leave days to sick days each year, which is a great benefit for the affected team members.

BNSF’s announcement continues the progress it is making in resolving a key area of contention between the railroad and its employees. It recently reached agreement with the International Brotherhood of Boilermakers (IBB) for paid sick leave, and previously announced that it would grant individual paid sick days to its railroaders who are members of the Transportation Communications Union (TCU) and the National Conference of Firemen and Oilers (NCFO); and provide sick leave to its railroaders who are members of the International Association of Machinists and Aerospace Workers (IAM), the BRS, and the International Association of Sheet Metal, Air, Rail and Transportation Workers-Mechanical and Engineering Department (SMART-MD).

© 2023 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 a 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.

Categories
Lubrizol

Lubrizol’s Apisolex Technology is Grand Winner of the 7th Annual Medicine Maker Innovation Awards

(BRK.A), (BRK.B)

Berkshire Hathaway’s Lubrizol Life Science (LLS) – Health, a pharmaceutical company based in Cleveland, Ohio, has been awarded The Medicine Maker 2022 Innovation Award for its revolutionary technology – Apisolex™ Polymer solubilizing excipient.

The Apisolex solubilizing excipient is designed to enhance the solubility of BCS class II and IV APIs by up to 50,000-fold, allowing medications that would have otherwise been discarded to reach the market. The technology is injectable grade and designed to work with simple formulation techniques, streamlining manufacturing and minimizing API loss. It can be mixed with an aqueous-based solution, followed by sterile filtration and lyophilization to form micellar structures that encapsulate the API during lyophilization. The resulting formulation is stable and can be readily resuspended in common diluents for administration, reconstituting in less than 30 seconds in saline.

Apisolex technology stood out from a record number of nominations received, and readers and visitors to The Medicine Maker website voted for their favorite technology. LLS Health emerged as the grand winner.
Joey Glassco, Senior Global Market Manager, Parenterals at LLS Health, expressed her gratitude for the recognition, saying, “We are honored for Apisolex solubilizing excipient to be recognized by readers of The Medicine Maker for this prestigious innovation award. My hope is that winning this award will allow drug formulators struggling with water-insoluble APIs to discover the polymer’s benefits so that more life-changing medications can make it to market.”

Gaurab Sengupta, Senior Global Business Director, Pharmaceuticals & Nutraceuticals at LLS Health, conveyed what this award means to LLS – Health, saying, “This recognition highlights our commitment to delivering innovative solutions that address critical challenges in the pharmaceutical industry. We’ve zeroed in on a clear unmet need in the solubility enhancement market for critical life-changing drugs. This award demonstrates we are on the right track, validating our efforts to ensure this product is successful.” The Medicine Maker Innovation Awards showcase new drug development and manufacturing technology that has been introduced to the market in 2022. The award signifies LLS Health’s significant contribution to the pharmaceutical industry with its innovative solution. We can expect to learn more about this technology in a future issue of The Medicine Maker.

© 2023 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 a 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.