Berkshire Hathaway

Auto insurers look set to generate a larger share of losses than with most US wind events.

Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.

If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.

Claims analysis shows slow reactions to negative trends can affect several quarters, but carriers who emerge strong will be able to pursue growth faster than the competitors who are always playing catchup on loss cost trends.

The firm's ethos will remain the same, but the bigger balance sheet may help it win clients and absorb volatility.

With the additional shares, Berkshire now owns around 3.4% of the Richmond-based specialty insurer, a stake that as of June 30 was worth over $605mn.

The personal lines insurer’s results were also impacted by the states’ regulatory climates and inflationary trends.

The Q2 deterioration in Geico’s underwriting performance was offset by improvements in its other divisions.

Danny Engell will serve as chief underwriting and analytics officer, succeeding Mark Barba who retired in June.

More than 98% of votes cast supported the acquisition.

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The case is linked to losses associated with asbestos-related injuries and claims filed over two decades ago in Montana.