Berkshire Hathaway Insurance Group is readying for Brexit with news that its European division is launching an Irish subsidiary that will operate in the European Union.
Based in Dublin, the Berkshire Hathaway European Insurance DAC (BHEI) will operate as a “Designated Activity Company,” or DAC, providing service to the company’s customers and brokers in Ireland, as well as across the EEA, using the European Union’s freedom of services (passporting) rights.
BHEI, which intends to begin writing business by the end of March 2019, will be the insurance company utilized by a number of Berkshire Hathaway’s insurance brands operating in the EEA, including Berkshire Hathaway Specialty Insurance (BHSI), MedPro and Faraday (which operates Syndicate 435 at Lloyd’s).
Where necessary or required, EEA business previously transacted through BHEI’s U.K.-based direct parent Berkshire Hathaway International Insurance Ltd. (BHIIL) will be transferred from BHIIL to BHEI, in accordance with applicable law, to achieve a smooth transition for its customers and brokers upon the U.K. leaving the European Union, said Berkshire Hathaway Insurance Group in a statement.
BHIIL, however, will continue to operate its significant general insurance business in the U.K. market and overseas under its existing licenses. In addition, BHEI is a wholly owned subsidiary of BHIIL, incorporated as a limited liability company in England and Wales.
Source: Berkshire Hathaway Insurance Group
*A version of this story appeared previously in our sister publication Insurance Journal.