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Dropping insurance underwriting in Q4 2019 struck Berkshire Hathaway where it hurts

February 26, 2020February 25, 2020 Marc

Warren Buffett’s company was able to recover last year despite those dragging results. Berkshire Hathaway was able to see substantial recovery in the last quarter of 2019, but that was in spite of the group’s lagging insurance underwriting result. The recovery was an important one as the same quarter in 2018 saw a significant loss overall. Warren Buffett’s multinational conglomerate issued a release last weekend. In it, they revealed that their insurance underwriting brought in a $857 million operating loss. Berkshire Hathaway’s income through insurance investing, utilities, railroad and energy,…

State of California takes over control of former Berkshire insurance unit

November 7, 2019November 6, 2019 G. Turner

Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

Berkshire Hathaway insurance expands commercial offerings into the Middle East

February 14, 2018February 12, 2018 Logan B.

Warren Buffett Berkshire Hathaway insurance business

Warren Buffet’s company has announced its intentions to establish a new office in Dubai. Berkshire Hathaway insurance business is headed for expansion into the lucrative Middle East market. It will be opening a new office in Dubai in order to manage the operations of its commercial products there. Berkshire Hathaway Specialty Insurance (BHSI) released an official statement regarding the decision. The new Berkshire Hathaway insurance office is located in the Dubai International Finance Center (DIFC) and will finally be able to open. The office had been awaiting approval from regulators…

American health care turned on its head by Amazon, JPMorgan and Berkshire Hathaway

February 1, 2018February 1, 2018 G. Turner

The three companies are entering into a partnership to address medical care issues for their US employees. Amazon, JPMorgan Chase and Berkshire Hathaway have announced that they will be working together to discover ways to improve American health care for their U.S. employees. The goal will be to boost their worker satisfaction while lowering costs related to illness and care. The three giants will be looking to offer better American health care to their employees by way of an independent company. That firm will be free from incentives and restrictions…

Berkshire-owned workers compensation insurance scam case reaches settlement

June 12, 2017June 9, 2017 G. Turner

Applied Underwriters, a Berkshire Hathaway owned firm, was ordered to cease bait-and-switch marketing. Applied Underwriters, an insurer owned by Warren Buffett’s Berkshire Hathaway, has agreed to a workers compensation insurance case settlement. The agreement involves providing Californian consumers with full disclosure about the product. The insurance company’s goal is to start selling plans again following a state review of alleged abuses. A major component of the settlement requires Applied Underwriters “to stop the bait-and-switch marketing tactics.” Many employers registered complaints from having been sold workers compensation insurance through bait-and-switch tactics.…

Berkshire insurance business suffers wounds in its earnings

May 9, 2017May 5, 2017 G. Turner

That branch of Warren Buffett’s company faced significant challenges during this year’s first quarter. The Berkshire insurance business struck a difficult patch during the first quarter as those units of the company posted an underwriting loss. The losses took the spotlight away from the other gains Berkshire Hathaway brought in through its energy and railroad businesses. That said, that quarter’s results weren’t adequate enough to take away from the recent shareholders meeting. The company’s shareholders meeting took place in Omaha, Nebraska on Saturday. The event was also the location for…

Warren Buffet says the auto insurance industry will suffer from self-driving cars

March 1, 2017February 27, 2017 G. Turner

The Berkshire Hathaway CEO’s predictions are in direct opposition to previous thoughts on the subject. While most of the auto insurance industry predictions about self-driving cars have had to do with reduced rates, Warren Buffett has taken a different perspective. Instead, the Berkshire Hathaway CEO believes it should be considered a significant threat. The billionaire investor revealed that he feels the launch of the technology will negatively impact car insurers. The reasoning behind Buffett’s prediction is that if autonomous cars are actually safer than traditional vehicles, premiums will tumble. Charging…