Tag: Warren Buffett

GEICO Executive Chair Tony Nicely retiring at the end of 2021

Live Insurance News
Geico Executive - Retirement

The announcement was made that he would be stepping down at the end of the year after a 60-year career. GEICO Executive Chair Tony Nicely has announced his retirement and that he will be stepping down from his position at the end of the year following his 60-year career in the industry. Before taking his current position with the insurance company, Nicely had been chair and CEO for 25 years. Under Nicely as CEO, chair and GEICO executive chair, the insurance company experienced its most powerful growth period, becoming one…

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Dropping insurance underwriting in Q4 2019 struck Berkshire Hathaway where it hurts

Marc
Insurance underwriting - Warren Buffett

Warren Buffett’s company was able to recover last year despite those dragging results. Berkshire Hathaway was able to see substantial recovery in the last quarter of 2019, but that was in spite of the group’s lagging insurance underwriting result. The recovery was an important one as the same quarter in 2018 saw a significant loss overall. Warren Buffett’s multinational conglomerate issued a release last weekend. In it, they revealed that their insurance underwriting brought in a $857 million operating loss. Berkshire Hathaway’s income through insurance investing, utilities, railroad and energy,…

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State of California takes over control of former Berkshire insurance unit

G. Turner
Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

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Berkshire Hathaway insurance expands commercial offerings into the Middle East

Logan B.
Warren Buffett Berkshire Hathaway insurance business

Warren Buffet’s company has announced its intentions to establish a new office in Dubai. Berkshire Hathaway insurance business is headed for expansion into the lucrative Middle East market. It will be opening a new office in Dubai in order to manage the operations of its commercial products there. Berkshire Hathaway Specialty Insurance (BHSI) released an official statement regarding the decision. The new Berkshire Hathaway insurance office is located in the Dubai International Finance Center (DIFC) and will finally be able to open. The office had been awaiting approval from regulators…

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American health care turned on its head by Amazon, JPMorgan and Berkshire Hathaway

G. Turner
Amazon Home Insurance - Amazon box

The three companies are entering into a partnership to address medical care issues for their US employees. Amazon, JPMorgan Chase and Berkshire Hathaway have announced that they will be working together to discover ways to improve American health care for their U.S. employees. The goal will be to boost their worker satisfaction while lowering costs related to illness and care. The three giants will be looking to offer better American health care to their employees by way of an independent company. That firm will be free from incentives and restrictions…

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