Geico, the auto insurer owned by Berkshire Hathaway, on Monday named Todd Combs as its chief executive officer, expanding the role of one of Warren Buffett’s portfolio managers, who is widely seen as a potential Buffett successor. Combs, 48, will take over on Jan. 1, 2020, replacing Bill Roberts, a 35-year Geico veteran who became… Continue reading Warren Buffett Protege Todd Combs Named Geico CEO
Tag: Berkshire Hathaway
GEICO’s Roberts to Retire at the End of 2020, Todd Combs of Berkshire Hathaway to Succeed
Bill Roberts, GEICO’s president and CEO, has announced that he will retire from GEICO in December 2020. Roberts began his career with GEICO in 1984 as an officer in the Marketing department. Over his 35-year career, he has helped lead GEICO to become the second largest auto insurance company in the U.S. Roberts will become… Continue reading GEICO’s Roberts to Retire at the End of 2020, Todd Combs of Berkshire Hathaway to Succeed
California Puts Former Berkshire Insurance Unit Under State Control
California regulators seized an insurer formerly owned by Warren Buffett’s Berkshire Hathaway Inc., the latest twist in a continuing dispute about whether its sale of the company violated that state’s insurance regulations. The California Department of Insurance said Tuesday that California Insurance Co., one of the insurance companies owned by workers’ compensation insurer Applied Underwriters,… Continue reading California Puts Former Berkshire Insurance Unit Under State Control
Buyout of Berkshire Hathaway Insurance Unit Under Scrutiny
A former insurance subsidiary of Warren Buffett’s Berkshire Hathaway Inc. sparred with the California Department of Insurance on Monday about whether its recent sale violated state insurance regulations. Applied Underwriters, a workers’ compensation insurer, said Wednesday that its co-founder Steve Menzies and Quadrant Management bought the company, including the 81% owned by Berkshire, for $920… Continue reading Buyout of Berkshire Hathaway Insurance Unit Under Scrutiny
Berkshire Hathaway Completes Sale of Applied Underwriters
Billionaire Warren Buffett’s company has completed the sale of one of its smaller insurance companies. Berkshire Hathaway said in a filing with the Securities and Exchange Commission Tuesday it has sold Applied Underwriters, which sells workers’ compensation insurance. Buffett said in February he agreed to take the unusual step of selling Applied Underwriters because it’s… Continue reading Berkshire Hathaway Completes Sale of Applied Underwriters
Oscar Health Lands Berkshire Hathaway Deal Ahead of Obamacare Expansion
Oscar Health reported an “underwriting profit” of $128 million and disclosed a key new reinsurance partner as the health plan prepares to expand deeper into the business of providing individual coverage under the Affordable Care Act. Oscar, which made its name as a startup focused on providing Obamacare coverage, Thursday reported a second-quarter “underwriting profit… Continue reading Oscar Health Lands Berkshire Hathaway Deal Ahead of Obamacare Expansion
Warren Buffett Donates $3.6 Billion of Berkshire Shares for Five Charities
Warren Buffett agreed to donate $3.6 billion worth of Berkshire Hathaway Inc. stock to five charities, including the Bill & Melinda Gates Foundation, in his latest disposal since making a pledge to give the shares away. That brings the total amount of stock he’s given the foundations to about $34 billion since he made the… Continue reading Warren Buffett Donates $3.6 Billion of Berkshire Shares for Five Charities
Feds Say Couple Scammed Berkshire Hathaway for Millions
Jeff Carpoff had a lot to celebrate as friends and business associates gathered at his company’s Christmas party last year. The one-time auto mechanic and his wife, Paulette, had started a solar company about a decade earlier that was doing remarkably well — so well that it could count Warren Buffett’s Berkshire Hathaway Inc. as… Continue reading Feds Say Couple Scammed Berkshire Hathaway for Millions
Berkshire Hathaway Swings to $21.66 Billion First-Quarter Profit
Warren Buffett’s Berkshire Hathaway Inc. swung to a first-quarter profit, thanks in part to higher insurance investment income. Still, Berkshire’s earnings excluded its share of earnings from its 27% stake in Kraft Heinz Inc., because Kraft Heinz hasn’t yet filed its earnings with the Securities and Exchange Commission, Berkshire said in a press release. Writedowns… Continue reading Berkshire Hathaway Swings to $21.66 Billion First-Quarter Profit
Buffett’s Berkshire Says Vice Chairmen Jain, Abel Each Made $18 Million in 2018
Berkshire Hathaway Inc on Friday said its newest vice chairmen, Greg Abel and Ajit Jain, were each awarded about $18 million last year, in the first detailed look at the pay of the men considered the leading candidates to succeed Warren Buffett as the conglomerate’s chief executive. Abel, 56, and Jain, 67, who became vice… Continue reading Buffett’s Berkshire Says Vice Chairmen Jain, Abel Each Made $18 Million in 2018