Berkshire Hathaway Specialty Insurance has appointed Pedro Mairos as Global Underwriting Officer, Marine. He was previously Head of Marine for the UK & Ireland at BHSI.
“Our large global footprint coupled with the substantial growth of our Marine business made now the optimal time to deepen the global leadership of our marine underwriting team worldwide,” said Dean LaPierre, Chief Underwriting Officer, Property & Marine, BHSI. “We are pleased to have such a deep bench of talent across both underwriting and claims to service our marine customers and brokers in local markets around the globe.”
Pedro joined BHSI in 2019. He has more than two decades of experience in the global marine market, including Europe, Asia and the Middle East. He will continue to be based in London.
BHSI offers a full range of marine insurance products worldwide, including inland transit, motor truck cargo, warehouse legal liability, builder’s risk, contractor’s equipment, ocean cargo, stock throughputs, project cargo, and marine equipment, including subsea equipment.
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.
Berkshire Hathaway and Alleghany Corporation have announced the completion of Berkshire Hathaway’s acquisition of Alleghany.
Holders of Alleghany common stock as of immediately prior to the closing of the transaction are entitled to receive $848.02 per share in cash, representing a total equity value of approximately $11.6 billion.
Upon the closing of the transaction, Alleghany became a wholly-owned subsidiary of Berkshire Hathaway. Alleghany continues to be led by Joe Brandon.
Founded in 1929 by Oris and Mantis Van Sweringen as five railroad systems, the company eventually evolved into a holding company that owns and supports certain operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. The company’s primary sources of revenues and earnings are from reinsurance and insurance operations and investments. The insurers include: Transatlantic Holdings, Inc., RSUI Group, Inc., a leading underwriter of wholesale specialty insurance based in Atlanta, Georgia, and CapSpecialty, Inc., an underwriter of a full inventory of specialty lines, including commercial property, casualty, fidelity, surety and professional lines with a focus on small business on both an admitted and non-admitted basis.
Alleghany also generate revenues and earnings from a diverse portfolio of non-financial businesses that are owned and managed through its wholly-owned subsidiary Alleghany Capital.
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
Berkshire Hathaway-backed BYD has launched the premium electric SUV, BYD-ATTO 3, India’s First Sporty Born E-SUV.
This marks BYD’s official entry into the Indian passenger vehicle market with its brand mission of “Technological Innovations For A Better Life.”
Equipped with the ultra-safe Blade Battery and the born EV platform (e-Platform 3.0), BYD-ATTO 3 features fast charging from 0% to 80% within 50 mins, a range of 521km according to ARAI tests with a higher battery capacity of 60.48kWh, and a 0-100km/h acceleration time of 7.3s. With a sporty and powerful exterior and rhythmic interior, BYD-ATTO 3 also features L2 Advanced Driving Assistance System (ADAS) BYD Dipilot, 7 airbags, the panoramic sunroof, a 12.8-inch adaptive rotating suspension electronic pad, 360° holographic transparent imaging system, NFC card key, the Vehicle to Load (VTOL) mobile power station and other leading configuration, making this car competitive in the market.
BYD-ATTO 3 is the first model in India built on the e-Platform 3.0, which is designed for the next generation of pure electric vehicles with the Blade Battery, an 8-in-1 electric powertrain, and highly integrated domain controllers. The platform features the world’s first 8-in-1 electric powertrain (with drive motor, motor controller, reducer, onboard charger, DC converter, high-voltage distribution box, vehicle controller, and Battery Management System (BMS) integrated), resulting in a 20% overall size reduction and 15% weight reduction and allowing the overall efficiency to exceed 89%.
BYD-ATTO 3 is powered by the Blade Battery, which passes the nail penetration test, one of the industry’s most rigorous tests for batteries. The battery also emerged unscathed and fully operational after a 46-tonne truck drove over it without exhibiting leakage, deformation, or smoke.
BYD-ATTO 3 features sharp lines and a strong, sporty posture adding to the vigorous aesthetics of the Dragon Face 3.0 design language led by Wolfgang Egger, BYD’s Design Director. Its advanced, intelligent cabin is styled in the spirit of sports and competition. Inspired by the interior design concept of gym and music, BYD-ATTO 3 exhibits passion, energy, and power.
The car is equipped with a panoramic sunroof measuring 1,261 mm long and 849 mm wide with electric slide and anti-pinch features. It also comes standard with a 12.8-inch adaptive rotating suspension electronic pad supporting a 360° holographic transparent imaging system. The panoramic sunroof and imaging system are the largest among cars in the segment.
BYD-ATTO 3 is also equipped with a mobile power station that allows the vehicle to transform into a super mobile power bank. This power station supports power up to 3.3kw, satisfying most needs of high-power electrical appliances.
BYD-ATTO 3 provides intelligent driving systems and multi-sensor layouts with the BYD DiPilot L2 driving assist system. It is also equipped with 7 airbags, a robust steel body structure, and a safety-oriented chassis design.
The car also has other features such as mobile phone wireless charging, one-touch electric control tailgate, NFC card key, an 8-speaker audio system, electric seat adjustment, voice control, LED headlamps, LED rear lights, multi-color gradient ambient lighting that responds to music rhythm, PM 2.5 air filter, CN95 air filter, etc.
Sanjay Gopalakrishnan, Senior Vice President of Electric Passenger Vehicles of BYD India, said, “We are happy to announce the launch of our much-acclaimed electric SUV in India. With proven and innovative technology, we are on track towards building a stronger ecosystem that facilitates EV adoption in our country. The launch of BYD-ATTO 3 is a step towards this mission. We will constantly contribute to building a greener future.”
“BYD has two plants in India covering more than 140,000 sqm with 3,000 employees and a cumulative investment of over $200 million in the country. We are fully committed to India’s goal of achieving net-zero emissions by 2070 and will promote sustainability and zero emissions by introducing pure electric vehicles and the latest technologies. We intend to sell 15,000 units of BYD-ATTO 3 in India over the next year and plan to set up a local manufacturing facility in the due course.” Added by Ketsu Zhang, Executive Director of BYD India.
BYD has 24 showrooms across 21 cities in India and aims to expand to at least 53 showrooms by the end of 2023. Furthermore, BYD India plans to participate in the Auto Expo 2023 and will debut more products and technologies for the Indian market. BYD will continue to leverage technological innovations for a better life, promote sustainable development of society, and implement its “Cool the Earth by 1°C” initiative.
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.
Exactly what is investing and what differentiates it from gambling? Warren Buffett gives a clear, concise answer.
“Investment is the process of putting out money today to get more money back at some point in the future,” Buffett said at the 1999 Berkshire Hathaway annual meeting. “And the question is, how far in the future, how much money, and what is the appropriate discount rate to take it back to the present day and determine how much you pay?”
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 and Alleghany Corporation have announced that all regulatory approvals relating to the proposed acquisition of Alleghany by Berkshire Hathaway have been received.
As previously announced, the stockholders of Alleghany voted to approve and adopt the Agreement and Plan of Merger, dated as of March 20, 2022, at a special meeting held on June 9, 2022. The completion of the proposed transaction is currently expected to occur on October 19, 2022, subject to the satisfaction of customary closing conditions.
Berkshire Hathaway will acquire all outstanding Alleghany shares for $848.02 per share in cash.
Founded in 1929 by Oris and Mantis Van Sweringen as five railroad systems, Alleghany eventually evolved into a holding company that owns and supports certain operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. The company’s primary sources of revenues and earnings are from reinsurance and insurance operations and investments. The insurers include: Transatlantic Holdings, Inc., RSUI Group, Inc., a leading underwriter of wholesale specialty insurance based in Atlanta, Georgia, and CapSpecialty, Inc., an underwriter of a full inventory of specialty lines, including commercial property, casualty, fidelity, surety and professional lines with a focus on small business on both an admitted and non-admitted basis.
Alleghany also generate revenues and earnings from a diverse portfolio of non-financial businesses that are owned and managed through its wholly-owned subsidiary Alleghany Capital.
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.
Berkshire Hathaway’s PacifiCorp has signed a new set of long-term power purchase agreements with Clearway Energy Group. The PPAs will directly support the construction of two wind energy projects: the 280 MW Two Rivers Wind project, which is jointly developed and owned with BluEarth Renewables US LLC and located in Wyoming, and the 152 MW Cedar Creek Wind project, located in Idaho. Both projects are contracted under 25-year PPAs.
The Two Rivers Wind and Cedar Creek Wind projects are expected to reach commercial operations in 2024.
“We’re proud to once again partner with PacifiCorp and help deliver on their goal of sourcing the cleanest, least-risk, and lowest-cost electricity for their customers,” said Valerie Wooley, Vice President of Origination at Clearway. “We’re grateful to BluEarth for their partnership in the Two Rivers Wind project, and to our partners in the development of the Cedar Creek Wind project. We look forward to helping PacifiCorp serve its customers with non-emitting energy resources across the region.”
The 280 MW Two Rivers Wind Project in Carbon and Albany counties, Wyoming, will generate enough electricity to power over 100,000 homes each year. The project, which was initially developed by Intermountain Wind, is expected to create over 275 jobs during construction as well as multiple permanent positions and represents a $500 million investment in Wyoming’s economy.
Clearway acquired the 152 MW Cedar Creek Wind project in 2021 from rPlus Energies. Located in Bingham County, Idaho, the project will generate enough electricity to power 41,000 homes each year. Cedar Creek Wind will create more than 175 jobs during construction and represents a $250 million investment in Idaho’s economy.
Clearway’s longstanding relationship with PacifiCorp includes a 549 MW solar and wind portfolio in Utah and a 141 MW wind portfolio in Wyoming, both owned and operated by Clearway.
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.
The Lubrizol Corporation and the Eaton Corporation have announced a collaboration designed to accelerate development of reliable and sustainable turnkey immersion cooling solutions for data centers, AI, edge and far edge computing applications, today and in the future.
“This partnership will leverage Lubrizol’s market-leading CompuZol™ family of patented thermal management immersion fluids, designed and formulated specifically for data centers and related applications, and Eaton’s leadership in the data center market and comprehensive range of products, services, engineering, and manufacturing solutions,” said Matt Joyce, Vice President, Corporate New Business Development for Lubrizol. “Both of our companies are committed to increasing energy efficiencies and offering sustainable solutions for data centers and digital infrastructure.”
“Eaton is committed to support state-of-the-art physical infrastructure solutions which require the next level of cooling, be it high-performance computing in a data center or remote edge computing sites dealing with a harsh environment. Lubrizol’s thermal management fluids are the perfect solution to address these new challenges and facilitate the deployment of modern IT workloads,” said Hervé Tardy, Vice President, Strategy & Marketing for Eaton CPDI.
Globally, traditional, cloud and hyperscale data centers consume an estimated 150 to 200 terawatt hours of electricity annually, with as much as one-third to one-half going to conventional air-cooling and HVAC systems. With most of the world’s electricity still coming from fossil fuel-based generation sources, the need to reduce energy consumption in data centers is compelling.
Cooling servers by immersing them in specially formulated thermal management fluids in advanced server tanks offers a more sustainable approach and superior cooling, along with greater computing density, energy efficiency, longer server life and deployment flexibility. Immersion cooling also makes greater computing power more accessible in regions of the world where standard air-cooled data centers are challenged due to high ambient temperatures or poor air quality.
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.
Berkshire Hathaway HomeServices has expanded its presence in Vermont with the addition of Mountain Realty, which will operate as Berkshire Hathaway HomeServices Stratton Home.
Berkshire Hathaway HomeServices Stratton Home is owned and operated by Elyn Bischof, an industry veteran with nearly 4 decades of real estate expertise. Headquartered in Bondville, the office will serve the Stratton, Bromley, and Magic Mountain areas along with Manchester and surrounding towns.
“Vermont has a strong value in the current market and Stratton is no exception,” said Elyn Bischof, President, Berkshire Hathaway HomeServices Stratton Home. “For the past several years, there has been heightened interest in the market among Buyers from the Cities and other parts of the Country wanting to relocate to our beautiful Stratton Mountain area. This affiliation with Berkshire Hathaway HomeServices positively positions our team to meet this demand.”
“This is an exciting time in real estate,” said Christy Budnick, CEO, Berkshire Hathaway HomeServices. “The Stratton real estate market is uniquely positioned for a growth-filled future, and I could not be more thrilled to welcome Elyn and her phenomenal team, to assist them in bringing their local market the real estate experience they deserve.”
By joining the network, Berkshire Hathaway HomeServices Stratton Home agents gain access to Berkshire Hathaway HomeServices’ active referral and relocation networks, and its “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more.
The brand also provides an exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a strong lineup of feature stories covering topics that appeal to high-end real estate clients.
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.
There are so many complicated investing schemes, but for Warren Buffett it all comes down to capital allocation.
“If you understand business, you understand investments,” Warren Buffett said at the 1998 Berkshire Hathaway Annual Meeting. “Investments are simply business decisions in terms of capital allocation.”
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 has appointed Anselm Waigand as Head of Risk Engineering, Germany. He was previously Senior Risk Engineer at BHSI in Frankfurt, Germany.
“Anselm has been at the forefront of our efforts to expand our risk engineering team and capabilities in Germany and throughout the region,” said Leander Metzger, Head of Property, Engineered Lines and Risk Engineering, DACH region. “I am so pleased to have him now leading our growing risk engineering team in Germany as we deploy our deep technical expertise locally in Europe.”
Anselm joined BHSI in 2020, and has more than 15 years of engineering experience at major global insurers. He holds a degree in Civil/Structural Engineering from Technical University Darmstadt, Germany.
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.