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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....
...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....
...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 Omaha native helped transform the company, once a struggling textile maker, into an industrials and insurance behemoth....
...These costs would presumably be reflected in property and casualty insurance rates, along with many other pressures that are affecting the world right now....
...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....
...The property and casualty insurer called If, part of Nordic group Sampo, began screening its corporate customers for ESG criteria in 2021....
...Take one example: imagine if five of the largest property and casualty insurance companies and the three largest reinsurers failed following previously unlikely ice sheet melt and permafrost collapse, which...
...On Wednesday, insurance brokerage Aon struck a deal to acquire NFP, a private equity-backed midsized property and casualty broker, for $13.4bn....
...“There are likely to be many casualties before its long-term beneficiaries are clear,” the hedge fund warned investors in an August letter seen by DD....
...“There are tremendous opportunities for Berkshire’s businesses to work together,” said Chris Rossbach, chief investment officer at fund manager J Stern & Co....
...But this year the heir apparent to the $710bn business that includes the BNSF railroad, private jet operator NetJets and insurer Geico, as well as the other public and private groups Berkshire has invested...
...“I am much less convinced about their reliability and ability to effectively handle a casualty if something goes wrong,” said Roppestad....
...The relatively small adjustments follow a busy spurt of dealmaking by Berkshire this year, including the $11.6bn takeover of insurance rival Alleghany....
...They needed their own training, insurance and vital equipment....
...No casualties were reported on either side....
...In his most recent letter to shareholders, Buffett again extolled the virtues of insurance “float” or the premiums that policyholders pay to Berkshire insurance companies such as Geico....
...In the property and casualty insurance division, a weaker combined ratio — claims and expenses as a proportion of premiums — was attributed to greater delinquencies in credit insurance....
...It has sold everything from Hong Kong insurer AIA to a Vermont ski resort, and pivoted from planning life insurance acquisitions to carving out the whole life insurance business as it jumped between multiple...
...For contracts renewing in July, Swiss Re implemented a 12 per cent rise in premiums across its property and casualty business, which includes natural catastrophe cover and other types of insurance....
...casualty....
...Despite a chastening past few months as a public company, Lemonade chief executive and co-founder Daniel Schreiber appears to show the same equanimity now as he did on an exuberant first day of trading,...
...Alleghany, a property and casualty insurance and reinsurer, has long been described as a mini-Berkshire Hathaway....
...Its property and casualty business fared better, with the combined ratio — claims and expenses as a proportion of premiums — improving by 1.1 percentage points to 98 per cent, which it attributed to better...
...“What these banks had in common with the casualties of 2007-08 is that they were expanding their balance sheets much faster than their peers....
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