This week's post got really long, so I broke it in two. News about Berkshire Hathaway itself was in the prior post, news about subsidiaries is in this one.
Berkshire's Specialty-Insurance Unit Opens Europe Operation (Bloomberg)
Berkshire Hathaway Inc. will begin offering coverage in Europe through a specialty-insurance unit that Chairman Warren Buffett has been building over the past three years.
Tom Bolt was named president of U.K. and Southern Europe operations, starting June 1, and will be based in London, the Berkshire unit said in a statement Thursday. Gregor Koehler will be president of Northern Europe, effective immediately, and work from Dusseldorf, Germany. [...]
Gen Re to close six offices in restructuring (Business Insurance)
Berkshire Hathaway Inc.'s General Reinsurance Corp. unit will close six of its smaller offices as part of a reorganization of its direct global property/casualty operations, Stamford, Connecticut-based Gen Re announced Friday. [...]
In addition, Gen Re will reorganize its European treaty underwriting resources into five line-of-business teams to support the entire region, Gen Re said in the announcement. [...]
Buffett’s ‘gem’ in Stamford weathers competition (Stamford Advocate)
Years after disastrous claims results buffeted Stamford-based General Reinsurance following its $21.7 billion sale in 1998 to Berkshire Hathaway, the reinsurance carrier is following through on its CEO’s vow last year to maintain underwriting discipline — despite a depressing effect on premiums that insurance companies reinvest to make money.
Gen Re revenue dropped slightly below $6 billion in 2015, off 4 percent from the previous year and roughly flat from its revenue in 2013. Gen Re’s Stamford-based sibling carrier Berkshire Hathaway Reinsurance Group saw a more precipitous decline in revenues, dropping 29 percent to $7.2 billion; combined, the two entities rank among the top five reinsurance underwriters in the world. [...]
Geronimo Energy Expands Partnership with BHE Renewables (PR Newswire)
Geronimo Energy, LLC ("Geronimo") is pleased to announce the sale of its second portfolio of Minnesota Community Solar Garden developments ("the Portfolio") to BHE Renewables, LLC ("BHE Renewables"), one of the most recognized names in the renewable energy industry, and a subsidiary of Berkshire Hathaway Energy.
Included in the Portfolio is a total of 66 megawatts ("MW") of solar garden projects spread across 21 locations and 16 Minnesota counties, which will be constructed by the end of 2017.
This acquisition is in addition to a previously purchased portfolio of Geronimo-developed community solar gardens by BHE Renewables, bringing the total combined portfolio size to nearly 100 MW. [...]
Berkadia Commercial Mortgage, part of Warren Buffett's empire, buys Cleveland firm (Cleveland Plain Dealer)
Berkadia Commercial Mortgage LLC, part of the Berkshire Hathaway family of companies led by Warren Buffett, has entered Ohio by buying a Cleveland-based mortgage-banking firm.
Berkadia snapped up RiverCore Capital, a small firm that has arranged financing for major downtown properties including the Flats East Bank project and The 9 complex on East Ninth Street. Neither party would discuss terms of the deal, which closed March 4. [...]
Will Duracell Be the Next Big Company to Leave Connecticut? (Patch)
Duracell, previously owned by Procter & Gamble and based in Bethel, Conn., recently advertised a job opening for an IT Specialist in Chicago, IL. The Simply Hired posting stated that Berkshire Hathaway has "announced its intent to acquire Duracell by the end of 2015 and Duracell will relocate its corporate headquarters to Chicago."
The News Times reported on Wednesday that the battery maker and Berkshire Hathaway not made an official announcement designating Chicago as Duracell’s new headquarters, however, the online job posting says otherwise. [...]
Richline Group a Proud Member of Jewelry Industry Initiative to Combat Wildlife Trafficking (BusinessWire)
As announced by the U.S. Wildlife Trafficking Alliance, Richline Group—alongside jewelry industry leaders Signet Jewelers and Tiffany & Co.—is celebrating World Wildlife Day by announcing its commitments to support broad jewelry industry efforts in the fight against wildlife trafficking. [...]
Richline Group’s commitments include keeping the elimination of wildlife trafficking part of best practice discussion, and to assist companies that want to update their codes of conduct through the newly introduced IvoryFreeJewelry.com. [...]
The Dairy Queen System Proclaims the End of Winter Five Days Early With Free Cone Day on March 15 (BusinessWire)
In the Dairy Queen® system, a Berkshire Hathaway company, winter is over and spring has officially begun on Tuesday, March 15 with a Free Cone Day benefiting Children’s Miracle Network Hospitals®. [...]
Throughout the day, participating non-mall Dairy Queen and DQ Grill & Chill® locations across the U.S. will serve fans a FREE small vanilla soft-serve cone with the signature curl on top (limit one per customer while supplies last).
“Last year’s success of Free Cone Day surpassed all expectations and we have our fans to thank for that,” added Westrum. “Together we raised $140,000 in one day for Children’s Miracle Network Hospitals and we averaged serving more than 1,330 cones per store. We are looking to surpass those numbers this year. We can’t wait.” [...]
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