Warren Buffett, who built Berkshire Hathaway Inc. by reinvesting premiums from insurance units, said low bond yields have hurt the prospects of that strategy.

AIG agreed to join with Hamilton Insurance Group and the Two Sigma Investments hedge fund firm to start a business focusing on coverage for small- to medium-sized enterprises.

Travelers Cos. said first-quarter profit slipped 17% as catastrophe costs climbed and investment income dropped on lower hedge fund returns.

The compensation included a $2.45 million bonus and more than $6 million in stock and option awards, up from $2.2 million a year earlier.

AIG is reportedly scaling back in certain countries and moving jobs to lower-cost locations.

Alan Schnitzer, the new CEO of insurer Travelers Cos., called on U.S. lawmakers to reduce corporate taxes or risk harming business in country.

The change is a structural enhancement for 2016.

CEO Peter Hancock received $1 million less than last year from the non-equity incentive plan tied to return-on-equity and expense reductions.