By Enda Curran
Warren Buffett's Berkshire Hathaway Inc. has won a license to
sell nonlife insurance in Singapore, the first such permit in Asia
for the U.S. conglomerate as it builds an insurance business across
the region.
Berkshire Hathaway Specialty Insurance, which provides
commercial property, casualty and other types of coverage and is in
the process of expanding globally said it plans to offer a range of
insurance in the South East Asian nation including commercial
property, casualty, energy, construction, marine and financial
lines.
Berkshire already has an insurance presence in Asia through its
reinsurer unit Gen Re.
"We are pleased to bring the stability and capacity of
(Berkshire Hathaway Specialty Insurance) to serve the commercial
insurance needs of customers in Singapore," Peter Eastwood,
president of BHSI said in a release.
The insurer is also seeking licenses in Sydney, Hong Kong and
Europe, a person familiar with the matter said in August.
As part of its Asian build up BHSI has poached senior executives
from rival American International Group Inc. Marc Breuil has been
appointed as regional president. He was previously head of AIG's
country operations in Hong Kong, Macau and Taiwan. Marcus Portbury
has been named head of third party lines, he previously was
regional head of casualty, Asia Pacific at AIG.
Peter McKenna has been named as head of energy and construction
casualty in Asia, having previously been Asia head of casualty at
Catlin.
Global insurers are attracted to Asia's emerging markets and
their relatively strong economic growth, burgeoning middle classes
and young market for insurance products.
Write to Enda Curran at enda.curran@wsj.com
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