Sunday, June 28, 2009

Berkshire sharply cuts cat capacity

Berkshire Hathaway Inc. has drastically reduced its property catastrophe reinsurance capacity.

Berkshire Hathaway “effectively pulled out of the property cat market in June and July. They're keeping their powder dry."

“Pretty much the sentiment within not to have any catastrophic claims, particularly for the wind peril. We really saw them withdraw fairly significantly out of the wind-exposed cat business,” he said.