Berkshire Hathaway’s specialty insurance unit has secured license to sell business coverage in Singapore.
US-based Berkshire Hathaway Specialty Insurance (BHSI), a 2013 startup firm, is making a push into Asia, reports Bloomberg.
Singapore has a population of 5.5 million and is considered to be the second-largest port and fourth-largest financial hub in the world.
BHSI will sell non-life coverage including for commercial property, business liabilities, energy and construction projects, and marine and financial risks, reports Omaha.com.
In 2013, Berkshire chairman Warren Buffett appointed Peter Eastwood and several executives from American International Group to BHSI in an effort to boost the coverage sales.
For the Singapore expansion, BHSI has appointed Marc Breuil as regional president. Marcus Portbury is heading the third-party lines, and Peter McKenna the energy and construction liability insurance for Asia.
Breuil and Portbury were former top executives of AIG, which is considered to be the world’s largest insurer, while McKenna was a former executive of Catlin Group.
In a statement, Eastwood said: "We are pleased to bring the stability and capacity of BHSI to serve the commercial-insurance needs of customers in Singapore."
BHSI marks itself different from other insurance firms by offering higher coverage limits, reports Bloomberg.
Image: Berkshire chairman Warren Buffett. Photo: Courtesy of Mark Hirschey/Wikipedia