Berkshire backs new Willis facility for oil, gas risk cover

LONDON—A new facility formed by Willis Group Holdings P.L.C. and backed by Berkshire Hathaway International Insurance Ltd. will provide up to $250 million in coverage to oil and gas risks.

The facility is designed so that “Berkshire Hathaway will follow, or improve upon, terms and conditions set by” lead insurers, Willis said Wednesday in a statement.

“This additional capacity is excellent news,” Alistair Rivers, CEO of Willis Global Energy, said in the statement. “It provides substantial and easy access to AA+ rated paper to the market at a time when the need for additional capacity on a range of operating and construction risks has never been greater.”