(BRK.A), (BRK.B)
At the 2023 Berkshire Hathaway Annual Meeting, Warren Buffett showered praise upon a Berkshire company that has quietly achieved remarkable growth in a relatively short span of time. The subject of Buffett’s admiration was none other than Berkshire Hathaway Specialty Insurance (BHSI).
With enthusiasm, Buffett emphasized that BHSI, a company that had blossomed from a mere handful of employees to a thriving workforce of over 1,500 in a mere decade, stood alone as a resounding success story among its peers. Buffett proclaimed, “There’s only been one that I know of, a company started in the last ten years, that has been an overwhelming success. And that’s a company that Ajit (Jain) and four people who joined with him set to develop a new business. It’s called Berkshire Hathaway Specialty.”
Buffett went on to highlight the exceptional achievements of BHSI, particularly its impressive insurance float of $12 billion. He noted that while other companies in the industry struggled to carve out their niche, BHSI thrived without incurring any significant underwriting losses.
Under the guidance of President & Chief Executive Officer Peter Eastwood, who along with three other executives came to the company from AIG, BHSI has grown into a powerhouse insurance company offering a comprehensive range of insurance services, including commercial property, casualty, healthcare professional liability, executive and professional lines, transactional liability, surety, marine, travel, programs, medical stop loss, homeowners, and multinational insurance.
Operating as part of Berkshire Hathaway’s National Indemnity group of insurance companies, BHSI boasted impeccable financial strength ratings of A++ from AM Best and AA+ from Standard & Poor’s, a testament to their unwavering commitment to excellence.
Headquartered in the city of Boston, BHSI established its presence in key locations worldwide, including Atlanta, Chicago, Houston, Indianapolis, Irvine, Los Angeles, New York, San Francisco, San Ramon, Seattle, Stevens Point, Adelaide, Auckland, Brisbane, Cologne, Dubai, Dublin, Hong Kong, Kuala Lumpur, London, Macau, Madrid, Manchester, Melbourne, Munich, Paris, Perth, Singapore, Sydney, and Toronto. This global reach exemplified BHSI’s determination to serve diverse markets and cater to the unique needs of clients around the world.
© 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.