News: Industry News

Factors Affecting Workers Compensation Insurance Efficiency and Cost

May 31, 2019

Berkshire Hathaway GUARD’s Allan Kerin, Chief Actuary and Executive Vice President, wrote an article entitled “Workers Compensation Pricing Perspectives: Factors Affecting Workers Compensation Insurance Efficiency and Cost” for the May 31, 2019 edition of The Standard. The Standard is one of the most respected publications in the insurance industry and, in the article, Kerin shares his expertise on Workers Compensation pricing and the factors driving recent rate reductions.

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The secret behind Berkshire Hathaway GUARD Insurance Companies’ growth

March 21, 2019

Insurers searching for the best tried-and-tested methods to scale their business need look no further than Berkshire Hathaway GUARD Insurance Companies, a fast-growing trailblazer in the US insurance market. Since its founding in 1983, GUARD companies have gone from strength to strength and today…the business stands as a prominent subsidiary of Berkshire Hathaway….

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Triple+ and GUARD Partner on Smart Water Leak Prevention Pilot Project

February 28, 2019

Triple+, a leader in IoT technology solutions for water leak damage prevention, has announced a pilot project with Berkshire Hathaway GUARD Insurance Companies. Water damage is the second most common insurance property claim in the US after hail and wind damage, and billions of dollars are spent in claims and repairing damages annually. GUARD aims to reduce these costs for customers and the company through the utilization of unique end-to-end water leak damage prevention systems. In the pilot project, GUARD will offer new and existing customers Triple+ product lines at discounted prices.

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A Well-Oiled Machine – Berkshire Hathaway GUARD shifts gears smoothly to drive costs down and profits up

December 28, 2018

It’s a long way from Wilkes-Barre, Pennsylvania, to Tel Aviv, the business capital of Israel, and it’s a journey Sy Foguel made many times while assuming the top post at the Berkshire Hathaway GUARD Insurance Companies. Since accepting the position in 2007, Foguel has combined sound actuarial principles with an unerring market sense to produce results that are nothing short of astonishing. . . . Let’s find out how Foguel and his executive team have been blazing trails and breaking records as they build out their portfolio of products.

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GUARD Adds Miscellaneous Professional Liability; CEO Foguel Discusses Expansion

October 28, 2016

Berkshire Hathaway GUARD Insurance Companies has begun offering a Miscellaneous Professional Liability policy in New Jersey with expansion into a half dozen more states targeted by year-end 2016. This new product is the latest development in an expansion plan kicked off in 2013. GUARD CEO and President Sy Foguel explains, “Our vision has been to become a one-stop shop for commercial insurance. To achieve this goal, we implemented several strategies.” Foguel indicates that the first step was to write workers’ compensation coverage in all 46 non-monopolistic states plus the District of Columbia – a benchmark achieved in the spring of 2015.

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Warren Buffett Touts GUARD’s Growth

May 9, 2016

Berkshire Hathaway GUARD Insurance Companies in downtown Wilkes-Barre has received accolades from billionaire Warren Buffett for its tremendous growth…. When GUARD was acquired, it had less than $400 million in premiums. “This year, we should arrive at the $1 billion mark,” COO Carl Witkowski said…. The growth caught the attention of Mr. Buffet, who singled out GUARD for “doing terrifically” at a recent shareholders’ meeting attended by about 40,000 people in Omaha, Nebraska…. Mr. Buffet said Wilkes-Barre-based GUARD is “doing a great job with small business policies — primarily workers’ comp around the country — and it’s flourished.”

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Berkshire Hathaway GUARD Adds Lawyers Professional Liability Program

March 23, 2016

Berkshire Hathaway GUARD Insurance Companies is now offering a Lawyers Professional Liability policy in California, Maryland, New Jersey, Pennsylvania, Texas, and the District of Columbia with ten more states planned in 2016. Available as either a complement to other policies or on a standalone basis, Lawyers Professional Liability is designed to protect against financial losses due to negligence, errors, or omissions. Berkshire Hathaway GUARD’s coverage has limits starting at $100,000 per claim ($300,000 aggregate) but can range up to $3 million.

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A.M. Best Affirms Ratings of Berkshire Hathaway GUARD

February 4, 2016

A.M. Best has affirmed the financial strength rating of A+ (Superior) and issuer credit ratings of “aa-“…. The ratings reflect Berkshire Hathaway GUARD’s solid capitalization, favorable operating profitability achieved through disciplined underwriting initiatives and conservative reserving philosophy, which has resulted in favorable reserve development in recent years. The ratings also acknowledge the implicit and explicit financial support provided by GUARD’s ultimate parent, Berkshire Hathaway Inc.

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A.M. Best Upgrades 2013 Ratings of GUARD Members

January 24, 2013

A.M. Best Co. has upgraded the financial strength rating to A+ (Superior) from A- (Excellent)…. The ratings reflect GUARD’s solid capitalization, favorable operating profitability achieved through disciplined underwriting initiatives, as well as the cautious manner in which initial claim reserves are established, which has resulted in favorable reserve development in recent years. The ratings also acknowledge the implicit and explicit financial support provided by GUARD’s new ultimate parent, Berkshire Hathaway Inc. and Berkshire subsidiary, National Indemnity Company…. In addition to Berkshire’s track record of supporting its member companies, these transactions demonstrate the explicit commitment provided by Berkshire, for which GUARD members receive rating enhancement.

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Acquisition of GUARD by National Indemnity Company (a Subsidiary of Berkshire Hathaway Inc.) Completed

October 26, 2012

GUARD Insurance Group was sold to Nebraska-based National Indemnity Co.…. [Carl Witkowski, GUARD’s Chief Operating Officer] said the world-class high-performing National Indemnity Co. [a wholly owned subsidiary of Berkshire Hathaway Inc.] was interested in GUARD because the company was successful and profitable during some difficult years in the recent past. “Despite a long and deep recession and challenging period within our industry, we managed to expand and produce good financial results,” Witkowski said. “With the economy slowly turning around and a strong parent company to assist us, we are very optimistic about our prospects for profitable expansion and growth.”

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