Berkshire Hathaway Specialty Insurance is continuing its rapid expansion by moving into the surety market. They will begin focusing on the contract surety business. Geoff Delisio has been appointed the senior vice president of surety for the company, and he reports to BHSI’s Executive Vice President David Bresnahan.
Bresnahan tells us that Berkshire Hathaway Specialty Insurance is going to build a “multidisciplinary team of surety underwriting, claims and legal professionals” in an effort to serve brokers and construction customers over the long-term.
Delisio enters the company with surety experience over the last 13 years, where he most recently acted as senior vice president of surety at Zürich. He has spent the last 10 years at a national civil engineering and geotechnical company working as a certified professional engineer.
He will be based out of the company’s Boston office.
“Our credit quality and willingness to take on significant contracting exposure will get us off to a fast start in the surety marketplace. Along with a strong balance sheet, we bring to the table the trust and integrity long associated with the Berkshire Hathaway brand, values that resonate positively with our customers and brokers,” said Bresnahan.
BHSI tells us that the new contract surety capabilities completely complement its construction causality risk appetite and builders risk. This will round out its overall offerings for the entire construction industry.
Berkshire Hathaway Specialty Insurance is a division of Berkshire Hathaway’s National Indemnity group of insurance companies, and has recently been expanding its product offerings and reach.
Just last month the company announced that they plan to enter the insurance business for travelers, tour operators, travel suppliers and travel agencies with a new product called AirCare.
This past March, the company introduced us to a health care umbrella policy specifically designed to address the exposures faced by large medical providers.
Since January 2014, the company has also announced new initiatives in primary causality construction, builders risks and officers and directors liability for large financial and commercial organizations.
As well, the company has also purchased MyAssist Inc. this year, which is a telematics and live agent personal concierge service provider. They even purchased Insure America LLC, which is a niche program administrator that provides the travel industry with insurance products.