Filed Under:Markets, Commercial Lines

Berkshire’s Specialty-Insurance unit opens Europe operation

(Bloomberg) -- Berkshire Hathaway Inc. will begin offering coverage in Europe through a specialty-insurance unit that Chairman Warren Buffett has been building over the past three years.

Tom Bolt was named president of U.K. and Southern Europe operations, starting June 1, and will be based in London, the Berkshire unit said in a statement Thursday. Gregor Koehler will be president of Northern Europe, effective immediately, and work from Dusseldorf, Germany.

'Natural next step'

“Establishing European capabilities is a natural next step” for expanding Berkshire Hathaway Specialty Insurance, said Peter Eastwood, chief executive officer of the unit. “We are pleased to have the top-caliber talents of Tom and Gregor.”

In 2013, Buffett recruited Eastwood and three other managers from American International Group Inc. to lead a push into commercial insurance for his Omaha, Nebraska-based company. The business has expanded swiftly, hiring executives from other carriers and setting up offices in North America, Australia and Asia.

Hiring Eastwood was a “home run,” Buffett wrote in his annual letter to Berkshire shareholders published last month. Berkshire Hathaway Specialty has $1 billion in annual premium volume and is on pace to become “one of the world’s leading” property-casualty insurers, he said.

Bolt was most recently director of performance management at Lloyd’s and previously spent 25 years at Berkshire, according to the statement. Koehler was most recently CEO of Pallas Versicherung AG, the global insurance division of Bayer AG.

Are you following us on Facebook?

 

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related

Berkshire unit prepares to sell business insurance on the Web

Berkshire Hathaway Direct Insurance Co. will initially focus on workers’ compensation and business owners’ package policies.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Drowsy-driving dangers

Nearly 83.6 million sleep-deprived Americans are driving every day. And it’s taking a toll — an estimated 5,000 lives were lost in drowsy driving-related crashes in 2015.

Top Story

15 new vehicles you should avoid

Despite the recent spate of recalls in the auto industry, finding catastrophic fault with today’s new cars is rather difficult.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.