Insight and Intelligence on the London & International Insurance Markets 18 Mar 2018
Berkshire expects extra $1.8bn in legacy claims from AIG
- 26 February 2018
Berkshire Hathaway's huge legacy reinsurance deal with AIG is set to cost it $1.8bn more than initially expected, the company has disclosed in its annual results.
The deal, struck in January 2017, hands Berkshire Hathaway subsidiary National Indemnity Company (Nico) 80 percent of net losses and net allocated loss adjustment expenses on AIG's reserves in excess of the first $25bn for the 2015 accident year and prior. Nico's liability is capped at $20bn.
At the 1 January 2017 inception of...
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