Berkshire Hathaway’s presence in the insurance world is strong, and one of its many companies that offer insurance solutions is Berkshire Hathaway Specialty Insurance. This company operates in a majority of the United States and also offers services in Canada, New Zealand, Asia, and Australia.
Berkshire Hathaway Specialty Insurance has been a part of Berkshire Hathaway since 2010, but the original company itself was originally chartered in 1866. It has specialized in a variety of different types of insurance over the years, including commercial, and has a reputation for fairness.
The list of types of insurance that Berkshire Hathaway Specialty Insurance provides is staggering but includes the following categories: accident, aircraft liability, aircraft physical damage, allied coverages, auto physical damage, auto liability, boiler and machinery, burglary and theft, credit, fidelity & surety, fire, forgery, hail, health, liability, livestock, marine, terrorism, worker’s compensation, and many others.
Berkshire Hathaway Specialty Insurance was first chartered under a different name in 1866 in Mobile, AL. At the time, the company offered a variety of insurance options for business owners. The company changed locations several times, and capital continued to increase, requiring the original charter to be amended several times.
Between the years of 1961 and 2000, the company changed hands every few years, and with each acquisition, services, names, and locations changed. The company was purchased by the American Life Insurance company in 1961, then sold to Greatamerica Corporation in 1964. Gulf Life Holding Company purchased it in 1968, and then sold it to Great American Insurance Company in 1977. The company was then purchased by Stonewall Acquisition in 2000, and in 2010 it was finally sold to Columbia Insurance, a subsidiary of Berkshire Hathaway, for around $56 million. At the time of purchase, the company name had been changed to Stonewall Insurance.
Shortly after purchase, Stonewall Insurance was moved to Omaha, Nebraska, and began expanding its operations to other states and eventually abroad. By 2014, the company had been transferred to operate under Berkshire’s National Indemnity Company and the name was changed to Berkshire Hathaway Specialty Insurance. The name and backing of Berkshire Hathaway gave the company the edge it needed, and profits soared as it expanded its insurance offerings yet again.
Since that time, Berkshire Hathaway Specialty Insurance Company has become a behemoth in the insurance industry and contributes greatly to the more than $190 billion worth of assets that the National Indemnity group controls.