Berkshire Hathaway

Berkshire, along with some other expansive reinsurers, grew its level of assumed reinsurance premium from top Florida insurers significantly in 2020, as the ILS market share dropped overall.

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.

The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.

Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.

Warren Buffett said the company faces a more limited impact from the virus than some other insurers.

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.

Sources said that Berkshire Hathaway will not support the cover for 2019.

The insurer’s losses are far from eroding its deductible in 2018, after two consecutive years of claims under its aggregate reinsurance covers.