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...Berkshire would acquire Geico, a motor insurer, in 1996, expanding its operations that began in 1967 with the purchase of National Indemnity, an Omaha-based property and casualty insurer....
...On Monday, Berkshire announced it would buy the property and casualty insurer Alleghany Corporation for $11.6bn in cash. Buffett has known Alleghany for years....
...casualty....
...Alleghany, a property and casualty insurance and reinsurer, has long been described as a mini-Berkshire Hathaway....
...Instead of taking advantage of the coronavirus crisis that hit markets in March, Mr Buffett was a casualty....
...Berkshire is a powerhouse in reinsurance and consumer policies – including through the car underwriter Geico – but until recently it has avoided the type of big ticket property and casualty cover that AIG...
...Mr Buffett has also heaped praise on Tony Nicely, the head of Geico for 18 years during which he has transformed the property and casualty insurance business into a powerhouse with almost a 10th of the US...
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