Berkshire Hathaway

Warren Buffett’s conglomerate reported ludicrous headline net earnings, but with a less healthy story in insurance with lower favorable development and notable deterioration of results at Geico.

Ricardo Lara is accused of withholding information concerning his meetings with industry executives.

Cumulative ceded incurred losses under the ADC with Nico are now $640mn

Hilary Brown most recently served as head of casualty, international for AIG.

The executive replaces president and CEO Bill Roberts, who is stepping down.

Part of the cost of the disaster will likely fall on a builder’s risk policy written by the two carriers.

The contract will allow the insurance group to cede US workers comp, commercial auto and general liability risks.

The move follows an attempt to merge California Insurance Company with a New Mexico entity.

The group recorded a four-fold increase in operating earnings despite absorbing losses of $281mn from Typhoon Faxai.

The rejection of the deal throws a wrench into Menzies’ plan to buy back the insurer he founded from majority owner Berkshire Hathaway.

The broker was launched in August by marine specialists Stuart Lilley and Dan Plummer.

The purchase of healthcare liability renewal business comes amid a retreat by SRCS from some specialty classes.