Berkshire Hathaway seeks to enter the insurance industry in Canada

berkshire hathaway specialty insurance industry

The company has recently announced its intentions for “expanding into the Canadian marketplace.”

Berkshire Hathaway Specialty Insurance has now announced that it will be making its way into the “Canadian marketplace,” and that it already has the necessary licenses for conducting business in that insurance industry.

Within that country, the company said it, “underwrites on the paper of National Liability & Fire Insurance Company.”

National Liability is one of the members of the National Indemnity group of insurers which is owned by Berkshire Hathaway. This move will bring the insurer’s specialty coverage into the Canadian insurance industry. The company released a statement that said that its Specialty business “concentrates on providing large scale insurance solutions for commercial property and casualty risks,” in a filing that it had previously made with the United States Securities and Exchange Commission.

This will add a number of different forms of coverage from Berkshire Hathaway to the insurance industry in Canada.

berkshire hathaway insurance industryAmong the types of coverage from Berkshire Hathaway Specialty – which was formed during the second half of 2013 – that will be heading into the insurance market in Canada will be homeowners, property, casualty, executive and professional lines, healthcare professional liability, surety, and travel. A spokesperson from the insurer explained that “We currently are licensed to conduct business in Canada and we have secured office space in Toronto.”

On January 28, the insurance company issued a press release that appointed Darryl DeSouza, Michael Densham, and Scott Miller as the Canadian heads of casualty, property, and professional lines operations, respectively.

DeSouza is previously from Swiss Re, AIG, and General Accident Assurance Company. Densham had previously been the Chubb vice president and Canadian zone manager, and Miller’s insurance industry experience stems from his work at General Reinsurance Corp (a Berkshire Hathaway Group owned reinsurer) as well as a from a position at Aon Reed Stenhouse.

The company’s other insurance operations include (but are not limited to) the Berkshire Hathaway Reinsurance Group, as well as the Government Employees Insurance Company (GEICO). It has been continuing to make insurance news headlines as it expands its international operations in various directions.

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