Berkshire Hathaway
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Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios. -
The carrier’s long-standing client Alfa has become an equity investor.
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The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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Warren Buffett said the company faces a more limited impact from the virus than some other insurers.
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The retro renewals are still in the calm-before-the storm phase but it seems that capacity limitations are set to open up more of a role for opportunistic players.
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Sources said that Berkshire Hathaway will not support the cover for 2019.
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The insurer’s losses are far from eroding its deductible in 2018, after two consecutive years of claims under its aggregate reinsurance covers.
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