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...Munich Re’s main insurance business Ergo provided about €700mn in loans, while Germany’s fourth largest insurance group R+V lent €500mn, more than half of which is not collateralised, according to the documents...
...Buffett takes a firmly hands-off approach to Berkshire’s businesses, but makes an exception for insurance, which spans Geico, the National Indemnity Company, and vast reinsurance operations, including Gen...
...The company disclosed that its auto insurer Geico had passed along higher rates to customers and had suffered fewer claims, lifting its results....
...Todd Combs, one of Buffett’s two investment deputies and who became chief executive of Geico in 2019, is also in the running....
...Its utilities provide power to 13mn customers and in Geico it owns one of the largest insurers in the country. Combs and Weschler were plucked from relative obscurity to help run this portfolio....
...The gains were fuelled by strong results from Berkshire’s insurance unit, including at Geico, as well as higher interest rates....
...Buffett and Weschler still meet regularly in Omaha, but Combs began commuting to Berkshire’s insurance subsidiary Geico when he was appointed to run it in 2019....
...The company’s Geico auto-insurer, which had struggled to cope with payouts on claims for much of the past two years, showed improvement....
...The Omaha native helped transform the company, once a struggling textile maker, into an industrials and insurance behemoth....
...The company, which uses the premiums it receives on insurance policies to fund its investments, has benefited from the Federal Reserve’s move to increase interest rates....
...As we’ve covered previously, the US’s auto insurance rates have soared 24 per cent over the past two years (v BLS data)....
...At the same time, he will have to navigate a board on which two of Buffett’s children, Howard and Susie, as well as executives such as Ajit Jain, who heads Berkshire’s insurance business and has for years...
...The company spent billions of dollars acquiring truck-stop operator Pilot Flying J and insurance conglomerate Alleghany in recent years, adding them to a portfolio that includes ice cream purveyor Dairy...
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...Kathleen Donnelly KC acted for 555 sub-postmasters in a 2019 High Court case, known as Bates v Post Office, that led to revelations the company had pursued thousands of people between 2000 and 2014 with...
...Terminal V did not respond to a request for comment....
...Investors were buoyed by the fact that Geico, the company’s auto insurance unit, posted a second consecutive quarterly profit after more than a year of losses....
...’s businesses outside insurance....
...Royal Insurance merged with Sun Alliance in 1996. Turning to the 2023 list, HSBC bought the Midland Bank in 1992....
...And one of Berkshire’s crown jewels — the Geico auto insurance unit — suffered its sixth consecutive quarterly underwriting loss....
...’s businesses outside of insurance....
...Holdings of UK-listed companies by British pension and insurance funds have plunged from about half of their portfolios to 4 per cent over the past two decades, according to data from Ondra....
...They say that the fees they can charge in most cases are capped at about €7,000 and are often paid by their clients’ insurance. “It’s cost intensive,” said Cäsar-Preller owner Joachim Cäsar-Preller....
...“Not a single one of the clients who are in these funds would pay these rates for any other type of insurance, certainly not term [life] insurance,” she points out....
...It is also the latest shift by the conglomerate, which spans the Geico insurer, BNSF railroad and Dairy Queen ice cream purveyor, into blue-chip technology companies....
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