Berkshire Hathaway Specialty Insurance goes Down Under

Berkshire Hathaway Specialty Insurance, a unit of U.S.-based Berkshire Hathaway Inc., has opened an office in Australia's Sydney city, reported The Sydney Morning Herald.

This move is anticipated to shake up the country's commercial insurance market. BHSI would be "playing in the large corporate segment" of the country's insurance market, said Chris Colahan, president of the Australasia region for BHSI. The insurer would worry some of Australia's biggest commercial insurers. BHSI "will open every broker door in the country," an official said.

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