(Bloomberg) — Berkshire Hathaway Inc.'s specialty business-insurance unit received a license to sell non-life coverage in Singapore as it makes a push into Asia.
The carrier will offer commercial property, casualty, financial lines, marine, energy and construction coverage in the nation, according to a statement today from Berkshire Hathaway Specialty Insurance.
Berkshire Chairman Warren Buffett hired Peter Eastwood and other executives from American International Group Inc. last year to help expand sales of coverage to businesses. The new unit has sought to distinguish itself from other carriers with higher coverage limits and the backing of one of the strongest insurance-company balance sheets in the world.
"We are pleased to bring the stability and capacity of BHSI to serve the commercial-insurance needs of customers in Singapore," Eastwood said in the statement.
The unit of Omaha, Nebraska-based Berkshire announced today that Marc Breuil and Marcus Portbury, two former AIG executives, had joined the company in Asia. It also said that Peter McKenna, a former executive at Catlin Group Ltd., would be in charge of energy and construction casualty insurance in the region.
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