Berkshire Hathaway
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Andrew Knight will fill the newly created role of country manager. -
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The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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Geico more than tripled underwriting profits.
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The executive has had a 40-year career at AIG, Berkshire Hathaway and Lloyd’s.
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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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The discrepancy between rising claim counts and favorable reserves is cause for concern.
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He succeeds Darryl DeSouza, who is retiring after 10 years with the company.
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Changes in investment strategy and strong results show carriers can weather financial storms.
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The $6.7bn Chubb investment is an outlier in the Berkshire portfolio.
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