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Berkshire Hathaway Specialty Insurance Insurance

Berkshire Hathaway Specialty Insurance Expands Offerings for UK Financial Institutions, Launches D&O and Civil Liability Policies

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has introduced two new policies tailored expressly for UK financial institutions: Professional First Financial Institutions Civil Liability Insurance, and Executive First Financial Institutions D&O Liability Insurance.

Both policies clearly articulate broad coverage for liability exposures faced by large financial institutions. In an era where managing reputational risk is critical, both policies also include coverage to support crisis management and offer expansive coverage for investigations.

“Executives and professionals across Europe face significant liability exposures, and a volatile market for coverage. BHSI is pleased to provide UK financial institutions with the certainty of broad, clearly-written coverage, backed by the financial strength, stability and claims service of BHSI,” said Thomas Dilley, Head of Financial Institutions, BHSI, UK & Ireland.

Professional First Financial Institutions Civil Liability Insurance includes state-of-the-market features such as continuity coverage and express coverage for claims arising from breaches of privacy. Executive First D&O Liability Insurance includes key features designed to ensure the most reliable coverage for individuals, from automatic reinstatement of Side A limits, to an unlimited discovery period for retired executives.
Last year, BHSI introduced Professional First Asset Management Liability Insurance in the UK and Ireland.

© 2020 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 Introduces Management Liability & Association Liability Policies in New Zealand

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance Company expanded its Executive & Professional Lines offerings in New Zealand with the introduction of Management Liability and Association Liability Insurance policies.

“BHSI’s new Management Liability and Association Liability policies reflect our commitment to providing broad coverage in simple, concise wordings to address the multifaceted management liability risks of today’s world,” said Cameron McLisky, Head of Executive and Professional Lines, Australasia. “They also allow us to provide private company and non-profit organizations with sound solutions backed by BHSI’s financial strength and commitment to claims handling excellence.”

BHSI’s Management Liability policy is designed to address the wide range of claims private companies can face. Brokers and Insureds can customize coverage to include Directors & Officers Liability, General Liability, Statutory Liability, Employers Liability, Employment Practices Liability and/or Fidelity Insurance.

The Association Liability policy offers non-profit organizations similar flexibility and coverage tailored to their needs, with the addition of Professional Indemnity protection.

© 2020 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 Providing $2.5 Billion to Policyholders Through Policy Credits

(BRK.A), (BRK.B)

GEICO is providing a 15 percent credit to its auto and motorcycle customers as their policy comes up for renewal between April 8 and Oct 7. The credit will also apply to any new policies purchased during this period.

The credit is part of GEICO’s ongoing efforts to assist customers during the Coronavirus pandemic.

The average auto policy has a semi-annual premium of about $1,000 and generally covers more than one vehicle.

GEICO expects credits to average about $150 per auto policy and $30 per motorcycle policy. The company estimates the benefit to its 18 million auto and one million motorcycle customers will be approximately $2.5 billion.

Current customers can expect to see the discount when they renew. Customers do not need to take any action to receive this credit.

Shelter in place policies have reduced driving significantly. Vehicle accidents are down considerably, and although GEICO expects a return to near normal once the impacts of COVID-19 subside, GEICO remains committed to serving its customers’ changing needs in the best way it can.

“This ongoing crisis has widespread effects that will linger. That is why we wanted to give this credit for at least six months,” said GEICO President and CEO Todd Combs. “Our customers have been loyal, and we are committed to doing all we can to help them.”

Last month, GEICO announced it was pausing cancellations of coverage due to non-payment and policy expiration through at least April 30, 2020. Beyond that, the company has committed to offering maximum flexibility to policyholders who need special payment options as well as transitioning nearly all of its associates to work from home to continue providing the 24/7 service it is known for.

© 2020 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 Appoints Michael Pille Head of Healthcare Underwriting in Germany

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance has promoted team member Michael Pille to head its fast-growing healthcare underwriting operation and team in Germany.

“As Head of Healthcare, Michael will lead our effort to service the German healthcare market and expand our local healthcare team,” said Andreas Krause, Country Manager for Germany, BHSI. “In this newly created position, Michael will elevate our ability to deliver innovative professional liability solutions for the healthcare industry, including novel SIR (stop loss) alternatives, backed by BHSI’s underwriting expertise and commitment to claims handling excellence.”

Michael, who has more than a decade of underwriting experience in the German market, joined BHSI in 2017 as Senior Underwriter, Liability. He holds a bachelor’s degree in Insurance Management and a master’s Degree in Insurance Law from Cologne University of Applied Science. Michael is a Fellow of the Chartered Insurance Institute.

© 2020 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 Rolls Out Professional First Technology Liability Insurance in Australia and New Zealand

(BRK.A), (BRK.B)

Berkshire Hathaway Specialty Insurance has launched Professional First Technology Liability Insurance policies in Australia and New Zealand. Both policies clearly articulate broad, customizable professional liability protection for the full scope of services provided by technology and tech-related firms.

“BHSI is committed to simplicity and that is evident in these easy-to-navigate policy forms which are readily tailored to the individual needs and exposures of technology firms and backed by BHSI’s financial strength,” said Cameron McLisky, Head of Executive & Professional Lines for Australasia at BHSI. “We take a partnership approach to this market, with our brokers and customers collaborating with our decision makers, from underwriting, to claims service.

With BHSI’s Professional First Technology Liability Insurance, customers choose any or all of three separate towers to secure professional indemnity, cyber and general liability covers. Limits and coverage can be structured to address the individual needs and preferences of a wide variety of tech firms, including those involved in software design and development, systems integration, technology consulting, telecommunications and IT training.

© 2020 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 National indemnity

Berkshire Hathaway’s MLMIC Offers Medical Professional Liability Coverage for Physicians Returning as Volunteers During the COVID-19 Pandemic – No New Premium Required

(BRK.A), (BRK.B)

As part of ongoing efforts to support our dedicated physicians throughout New York, Berkshire Hathaway’s MLMIC Insurance Company is extending medical professional liability coverage – without requiring any new premium – to retired physicians who were last insured with MLMIC and are coming back as volunteers to provide care during the COVID-19 pandemic.

MLMIC defines “volunteer,” in this case, as a retired physician providing professional services for no fee, salary or other compensation with the exception of reimbursement for expenses incurred delivering those services. Qualifying physicians may apply online.

The coverage limits of the medical professional liability offered to these volunteers will be the same as what they held when actively practicing prior to retirement and when last insured by MLMIC. Coverage also includes defense costs if a claim is filed against them while volunteering.

In addition, if the returning physician previously held regulatory defense coverage, it will be provided for actions resulting from volunteer professional services. There is no new premium for this coverage, which is included through physicians’ expired policies without impact upon any presently existing tail policies.

New York physicians can access this information at https://www.mlmic.com/covid-19/returning-physicians. To request coverage, interested volunteers can apply online or call (800) ASK-MLMIC (1-800-275-6564) and ask for Underwriting.

© 2020 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

Berkshire Hathaway Denies Ownership Stake in IRB Brasil Re

(BRK.A), (BRK.B)

Berkshire Hathaway has taken the unusual step of refuting rumors of an ownership stake in a company.

In a release, the company said:

There have been recent stories in the Brazilian press that Berkshire Hathaway Inc. is a shareholder of IRB Brasil Re (“IRB”). Those stories are incorrect. Berkshire Hathaway Inc. is not currently a shareholder of IRB, it has never been a shareholder of IRB and it has no intention of becoming a shareholder of IRB.

© 2020 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 Files Federal RICO Lawsuit in California Against Glass Repairer

(BRK.A), (BRK.B)

Following several lawsuits in Arizona and Florida, GEICO has filed a federal lawsuit in California alleging an auto glass repair shop submitted fraudulent glass repair bills. GEICO seeks to recover damages alleging violations of the Civil RICO statute and the California Business and Professional Code as well as claims for common law fraud and unjust enrichment.

GEICO alleges that owners Tal Elzari and Navid Vatankhahan used their business, Winaffix Auto Glass, in a fraudulent scheme to overbill for windshield glass replacement.

Their alleged scheme involved creating false glass invoices designed to mimic those from legitimate car dealerships in order to fraudulently claim they were using expensive original equipment glass rather than less expensive alternative glass. In fact, it is alleged that Winaffix never purchased the glass their invoices claimed. They are also alleged to have performed glass replacement services without a license to do so.

GEICO says it intends to file future lawsuits in California and around the country in its continuing efforts to protect its customers and the public from fraudulent glass repair operators.

“GEICO is committed to protecting our customers from the negative effect that insurance fraud has on premiums,” said James Jones, assistant vice president of claims in GEICO’s Poway, California, office. “These incidents of fraud hurt consumers in California because they cause premiums to increase, and we will continue to pursue them with a zero tolerance.”

© 2020 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 on Hiring Spree in Georgia

(BRK.A), (BRK.B)

GEICO’s Macon, Georgia regional office is looking to extend job offers to more than 500 Central Georgia residents in 2020.

There are full-time and part-time career opportunities in Claims, Salvage, Emergency Roadside Service, Customer Service and Sales. Recent college graduates and others looking to train for leadership positions are encouraged to apply for the Emerging Leaders Program or Management Development Program. No prior insurance experience is necessary; training, mentorship and support are provided to all new associates.

New associates will join Central Georgia’s largest private employer and GEICO’s largest regional operation. They will be welcomed onto a team with a proven track-record of success. Last year, nearly 40 percent of GEICO associates in Macon received promotions for their efforts to provide quality service to GEICO’s ever-growing policyholders.

GEICO associates are offered the Total Rewards Program, with a wide range of benefits, including a health benefits package, retirement and finance options and continuing education opportunities. In addition, associates can expect career growth opportunities and a friendly and supportive environment in which to develop and thrive.

GEICO also provides associates with many opportunities to be involved in their community. GEICO has been the biggest contributor to the United Way of Central Georgia for the past 14 years, and associates have been honored for their volunteer work at Bibb County Public Schools and Middle Georgia Community Food Bank.

© 2020 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 Todd Combs and Ted Weschler

Berkshire Hathaway’s Todd Combs to Become Head of GEICO

(BRK.A), (BRK.B)

Berkshire Hathaway’s portfolio manager Todd Combs will be taking over the helm at GEICO as of next week. Current president and CEO Bill Roberts will move to vice chairman.

Roberts began his career with GEICO in 1984 as an officer in the Marketing department. Over his 35-year career, he has helped lead GEICO to become the second largest auto insurance company in the U.S. Roberts will become vice chairman of GEICO effective January 1, 2020.

Roberts has announced that he will retire from GEICO in December 2020.

“Bill told Ajit Jain, vice chairman of Berkshire Hathaway, and I in early November he was about to turn 70 and finishing up his 35th year with GEICO, and that he intended to retire at the end of 2020,” said Tony Nicely, GEICO’s executive chairman. “Bill has done an outstanding job leading and growing GEICO throughout his career. Our results throughout his career have been excellent and our culture is strong. He has put in place a strong plan for the coming year.”

“Todd has a strong career in insurance,” said Ajit Jain. “He initially worked at Progressive Insurance Company before going to graduate school to begin an investing career.”

Since 2010, Combs has been an investment manager at Berkshire Hathaway, and in addition to becoming GEICO’s CEO, Combs will continue to manage $14 billion of investments for Berkshire Hathaway.

“I am looking forward to taking on the responsibilities of CEO at GEICO,” said Combs. “They have a strong senior management team, a great organization of 40,000 employees, a great brand, and are a very successful insurance company.”

Combs will assume his position as GEICO’s CEO effective January 1, 2020.

© 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.