American International Group Inc. (AIG) has decided against signing new reinsurance contracts with Berkshire Hathaway Inc. after Warren Buffett’s company started a commercial insurer competing against AIG, according to a person with knowledge of the decision. [...] Buffett said in May he was planning to add sales of commercial insurance after hiring executives from AIG including Peter Eastwood, who ran the company’s property-casualty operation in the Americas. The move challenges New York-based AIG in one of its main markets and expands Berkshire beyond its strengths in U.S. personal auto coverage and reinsurance.
Berkshire ‘A’ Shares, Soon Available In Pennies (WSJ)
Starting Sept. 16, the New York Stock Exchange plans to begin trading and quoting Berkshire Hathaway Inc. in pennies, according to a Thursday notice from the exchange. That means that the stock’s mammoth price – $168,180 on Thursday afternoon – will move in one-cent increments, rather than the current ten cents.
Improved Underwriting Results Boost RAA Companies' 1H Net Income (Property Casualty 360)
A group of 18 reinsurers belonging to the Reinsurance Association of America reported a combined 2013 first-half net income of just under $4.8 billion, up from $3.6 billion for the same companies a year ago, as improved underwriting income more than offset a slight drop in net premiums written. Similar to 2012’s first half, Berkshire Hathaway’s National Indemnity Co. accounted for over half of the group’s net income in the first six months of this year. National Indemnity reported just under $3 billion in first-half net income, far outpacing Transatlantic Reinsurance, which placed second among the group with $364.4 million in net income.
U.S. judge approves $72 mln fraud pact with Berkshire's Gen Re (Reuters)
A U.S. judge on Tuesday approved a $72 million settlement by Berkshire Hathaway Inc's General Re Corp to resolve claims that it engaged in a sham deal that helped fraudulently inflate American International Group Inc's loss reserves. The settlement's approval brings to an end nine years of shareholder litigation revolving around AIG accounting practices dating to 1999.
Shaw Industries opens carpet tile plant in China (Fibre 2 Fashion)
Berkshire Hathaway’s Shaw Industries Group, Inc. (Shaw) has announced its grand opening of a 210,000-square-foot carpet tile plant in Nantong, China – a port city 65 miles north of Shanghai. This facility offers customers in Asia quicker access to a wider range of completely recyclable, Cradle-to-Cradle-certified products, which are PVC-free and bitumen-free. [...] Expected to employ approximately 250 at full capacity, over 100 Shaw associates are onboard at this time. [...] Products manufactured in China will be sold for installation in the growing Asia market and there are no plans to export them back to the U.S.SidePlate’s Active Projects More Than Double in 36 Months (Herald Online)
SidePlate®, a Berkshire Hathaway company that designs innovative steel building connections, today announced that it has doubled its employee base in the last 36 months to accommodate rising demand for its consulting and project-management services. As another indicator of the Company’s dramatic growth, SidePlate’s active projects have more than doubled since July 2010. [...] In 2009, Berkshire Hathaway’s MiTek® acquired SidePlate because of the Company’s sterling reputation, its innovative consulting services and technology, and its potential for the very growth that SidePlate is experiencing today.Truss and Wall-Panel Component Manufacturers Stand Ready to Respond to Framing Labor Shortage (Herald Online)
“Housing starts are showing sustained growth, and they are predicted to spike to a run rate of 1.3 million by the end of 2014, and 1.5 million in 2015,” said MiTek’s Gregg Renner. “That’s good news, but it also indicates that the framing labor shortage won’t ease, and builders need a different approach to framing houses. That’s what MiTek’s component manufacturers offer.”
Berkshire’s Richline Makes Jewelry Deal With American Greetings (Bloomberg)
Richline Group Inc., owned by Warren Buffett’s Berkshire Hathaway Inc., reached a deal to make and distribute jewelry featuring the artwork from cards produced by American Greetings Corp. [...] Richline also has relationships with the Marie Claire brand and the National Football League.
Borsheims to open second location at Nebraska Crossing Outlets (Omaha World-Herald)
For more than a half-century, Borsheims, Omaha's iconic jeweler, has limited itself to a single store. But this fall the Berkshire Hathaway-owned retailer will break tradition and open a second location — an outlet store at Nebraska Crossing Outlets in Gretna. The outlet store, opening Nov. 15 under the banner Borsheims Boutique, will occupy a 5,500-square-foot space next to the Coach factory store.
BNSF to spend $110 million on projects in Nebraska (Omaha World-Herald)
BNSF Railway Co. on Thursday announced plans to invest about $110 million this year in maintenance and rail capacity expansion projects in Nebraska. [...] BNSF also plans to invest $35 million this year in Iowa, which is part of the railroad’s total 2013 capital investment of $4.3 billion, a record for the company. [...] Omaha-based Union Pacific’s 2013 capital investment numbers aren’t yet available, but last year the company spent about $303 million in Nebraska and $3.7 billion total on its network.
Berkshire Hathaway HomeServices Signs Nine More Affiliates (Fort Mill Times)
Berkshire Hathaway HomeServices, the new real estate brokerage network operated by HSF Affiliates LLC, today announced the signing of nine more brokerage companies for the network. The companies include: Prudential Anderson Properties, Houston, TX; Prudential California Realty, Cerritos, CA; Prudential Canyon Lake Realty, Canyon Lake, CA; Prudential Gallo, REALTORS®, Rehoboth Beach, DE; Prudential Serls Prime Properties, Lagrangeville, NY; Prudential Southeast Coastal Properties, Savannah, GA; Prudential Texas Realty, Austin, TX; Prudential Tropical Realty, Tampa Bay, FL; and Prudential Woodmont Realty, Nashville, TN. The brokerages will begin operating under the Berkshire Hathaway HomeServices flag as early as the fourth quarter of 2013. They are the latest in a series of brokerage signees announced by the new real estate network, whose total members now represent more than $1 billion in annual gross commission income.
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