Five Reasons Why People Love Eastwood Auto Insurance | Eastwood Auto Insurance

Peter Eastwood, who larboard American International Group Inc. with three added admiral in April to alpha a new insurer at Warren Buffett’s Berkshire Hathaway Inc., said he’s award it accessible to allure staff.

Berkshire Hathaway Specialty Allowance had 40 advisers at the end of aftermost week, a ages and a bisected afterwards it was founded, Eastwood said Tues (June 11) in an interview. It now has bodies in Boston, New York, Chicago, Los Angeles and Atlanta afterwards bringing on agents from insurers including AIG and CNA Financial Corp., he said.

“Talent attracts talent,” Eastwood said on the sidelines of a appointment hosted by Advisen in New York. “We’ll actually be hiring more.”

Buffett, 82, has said he’s gluttonous to get into bartering allowance “big time.” The new operation complements Omaha, Nebraska-based Berkshire units affairs reinsurance and auto advantage and can accord the billionaire broker added funds to buy stocks and armamentarium takeovers.

Berkshire’s administrator and arch controlling administrator has acclimated premiums from allowance operations over four decades to body a $280 billion captivation aggregation that hauls freight, generates electricity, accessories chemicals and sells chocolate.

Eastwood said his assemblage will alpha by absorption primarily on antithesis and surplus lines, or advantage that isn’t accessible from insurers accountant by the state. The business has already accounting a “good amount” of acreage accident and is planning to accommodate advantage decidedly in catastrophe-prone areas, he said. Berkshire Hathaway Specialty is additionally alms some blow accessories and attractive to advertise able and administration accountability insurance, he said.

Eastwood spent added than two decades at New York-based AIG and was CEO of the company’s property-casualty operation in the Americas. He’s admiral of the Berkshire assemblage he started with above AIG admiral David Bresnahan, David Fields and Sanjay Godhwani.

The business is overseen by Buffett’s reinsurance abettor Ajit Jain. Berkshire’s acceptability for integrity, financial-strength ratings and a “tremendous antithesis sheet” will advice the new aggregation attempt adjoin beyond rivals including AIG, Eastwood said.

AIG had about 15,000 bodies in its U.S. property-casualty assemblage at the end of 2012, affairs accessories from directors-and- officers’ accountability behavior to bartering acreage coverage. Berkshire’s better allowance assemblage by advisers is auto insurer, Geico, which had added than 27,000 advisers at the end of aftermost year. Berkshire Hathaway Reinsurance Group had about 700 people, according to the company’s anniversary report.

Under Jain, Berkshire has taken on risks that others alone and generally answerable a exceptional for the service. That won’t change, Eastwood said. In accession to that business, his assemblage will try to put some of Berkshire’s basic to use “in a added permanent, long-term, focused way,” he said.

“Everybody in this admirers who participates in the business should abide to anticipate about Berkshire Hathaway actuality that bazaar actor that you’re acclimated to,” Eastwood said during a console altercation at the conference.

With abetment from Zachary Tracer in New York. Editors: Dan Reichl, Dan Kraut

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