Berkshire Hathaway
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The newcomers are finding it more difficult to disrupt the sector than they had expected.
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Berkshire Hathaway’s Aon holding rose 7.3% in Q2, with the Marsh McLennan stake down 21%.
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Geico’s loss ratio jumped by nearly 18 points in the quarter on higher claims frequency, on par with results at personal auto rival Allstate.
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While the pandemic offered some relief to commercial auto insurers, maintaining margins will be tricky to achieve given rate moderation.
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Other Berkshire Hathaway insurers will also experiment with the Zesty.ai tool, the Oakland, California-based InsurTech said.
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Oliver Brown, Penny Wang, James Emson and Jack Erritt form the team.
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The company appoints Muriel Birre Julvécourt, who has more than 25 years’ industry experience, as head of marine.
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Berkshire Hathaway also owns around 5.2 million shares in Marsh McLennan, having added an additional 1.8 million shares last quarter.
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The company’s vice chairman for insurance operations, Ajit Jain, who runs Berkshire’s insurance operations, had also been viewed as a frontrunner.
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Premiums within the primary insurance group surged by 19% to $2.9bn.
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The group says investors should hold Tom Murphy to account for the company’s lack of climate reporting.
