Warren Buffet’s insurance company continues expansion in Asia
Berkshire Hathaway Specialty Insurance Company (BHSI) has been given the green light to sell non-life reinsurance to the Malaysian market.
The company said it had received a license to operate in the country from the Labuan Financial Services Authority.
To coincide with the announcement, the US-based insurer has established a new office in Kuala Lumpur and named Gaithrie Nandrajog as the country’s branch manager and Koo Kang Wuu as executive and professional lines and business development manager.
Nandrajog told StrategicRISK Asia-Pacific that the initial plan was to provide general reinsurance capacity and products to selected Malaysian insurance companies.
“Key products include casualty (oil and gas), executive and professional lines (directors’ and officers’ liability, professional indemnity, etc.), accident and health, project cargo and marine cargo, construction lines and surety bonds. We also plan to respond to the needs of the growing Malaysian economy and support the Malaysian insurance market,” he added.
BHSI Asia president Marc Breuil said: “After putting down roots in Singapore, Hong Kong, and Macau, we are pleased to further expand our operations in Asia and bring facultative reinsurance capacity and new products with the backing of our strong balance sheet to selected Malaysian insurance partners.
“With the opening of our Malaysian office, we continue to deepen our underwriting and claims capabilities in the region.”