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Berkshire Hathaway Insurance Group Inc. said on Tuesday it has been granted approval by the Central Bank of Ireland to set up a unit in Dublin so it can continue to service clients in Ireland and across the European Economic Area after Brexit.
Berkshire Hathaway European Insurance will operate as a designated activity company and as a wholly owned subsidiary of U.K.-based parent Berkshire Hathaway International Insurance Ltd., the company said in a statement.
The Irish subsidiary, which will begin writing business by the end of March, will be used by several Berkshire Hathaway insurance brands operating in Europe, including Berkshire Hathaway Specialty Insurance, MedPro and Faraday, the company said in a statement.
European business previously transacted through Berkshire Hathaway International Insurance Ltd. will be transferred to Berkshire Hathaway European Insurance, where necessary or required by law to “achieve a smooth transition for its customers and brokers upon the UK leaving the European Union,” the company said.
Berkshire Hathaway International Insurance Ltd. will continue to operate its general insurance business in the U.K. market and overseas under existing licenses, according to the statement.
A growing number of insurers with headquarters or significant operations in London have set up subsidiaries in various European cities as a result of Brexit.
U.K.'s High Court has allowed insurer Aviva P.L.C. to shift £9 billion ($12 billion) worth of assets from London to Ireland to maintain access to and settle policyholders' claims in case of a hard Brexit, The Independent reported. The court said that a hard Brexit would mean Aviva could not service policies through its overseas branches or settle claims in the European Union.