What We Do

At Berkshire Hathaway Life we specialize in large transactions and offer unparalleled retrocession capacity. We have the financial strength to accept exceptionally large and long-term liabilities and the corporate structure to execute transactions quickly.

We work with clients around the globe, specializing in risks associated with life and health. We help insurance and reinsurance companies, banks and pension schemes reduce their exposure to a wide range of risks, each with a custom-made solution.

With the security, financial strength and unequaled risk evaluation attributes of the Berkshire Hathaway Reinsurance Group, we are able to take on unique risks that are eschewed by the traditional market. Our distinctive business model enables us to make decisions quickly.

We work with our clients to deliver custom-design solutions that meet their individual needs. We don’t design products or cookie-cutter solutions. No two transactions are the same.

“We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time.” ~Warren Buffett

  • We can assist when companies wish to raise finance, such as value in force (VIF) financing, acquisition cost financing, liberation of embedded value;
  • We design risk reinsurance solutions to reduce our clients’ exposure to biometric, financial risks, aggregation of risks and catastrophic risks;
  • We are one of the largest providers of capacity to the US structured settlements market;
  • We work with insurers and reinsurers to provide capital relief including Solvency II solutions;
  • We offer ongoing tailored retrocession solutions in the form of excess or quota share customized deals (or pools) for both new business and in-force blocks globally;
  • When a full sale is sought, Berkshire Hathaway Life has the ability to acquire entire portfolios of insurance business.

Examples

Variable Annuity Business

Hartford Life Limited, Ireland

Purchase of the Hartford’s subsidiary, Hartford Life Limited, which sold variable annuities in the UK from 2005 to 2009. Purchase price of approximately USD 0.3 billion.

Hartford Life Insurance K.K., Japan

Retrocession agreement with Hartford Life Insurance K.K.(“HLIKK”), which was assigned and assumed by Orix Reinsurance Ltd. On a 100% coinsurance basis, the agreement covers certain risks in the Japanese variable annuity business written by HLIKK from 2000 to 2009, subject to an aggregate reinsurance limit of USD 2.2 billion.

Cigna, USA

100% coinsurance quota share reinsurance transaction with Connecticut General Life Insurance Company, a subsidiary of Cigna Holdings, Inc. to cover two portfolios of variable annuities in run off since 2000. Reinsurance premium of USD 2.2 billion.

Value in Force (“VIF”) Reinsurance

VidaCaixa, the life insurance subsidiary of CaixaBank, Spain

Approximately EUR 0.6 billion paid for the Value in force (VIF) of VidaCaixa’s mortality business.

Life Retrocession Business

Swiss Re, USA

100% coinsurance quota share retrocession of a closed block of yearly renewable term individual life reinsurance business, written prior to 2004, of Swiss Re Life and Health America. Estimated retrocession premiums of circa CHF 50 billion over the lifetime of the contract. Ceding commission in the region of CHF 1.3 billion.

Sun Life Assurance Company of Canada

Purchase of the worldwide life retrocession business of Sun Life of Canada. The in-force amounted to CAD 113 billion.

Pension Annuity Reinsurance

Pension Insurance Corporation (PIC), UK

Reinsurance agreements on a 100% coinsurance quota share basis covering certain risks after a defined period associated with the members of a number of pension schemes and their dependants underwritten by PIC. Reinsured liabilities of approximately GBP 1 billion.

Healthcare Reinsurance

Voluntary Health Insurance Board (VHI), the largest healthcare insurance company in Ireland

Quota share reinsurance in five underwriting years covering the individual health insurance business written by VHI. First year reinsurance premiums of approximately EUR 0.7 billion.

Structured Settlements

Berkshire Hathaway Group Structured Settlements (BHGSS)

BHGSS is one of the largest writers of individual structured settlements in the United States, writing approximately USD 1 billion annually in new business.  A structured settlement is an arrangement whereby an individual receives some or all of their payment resulting from a workers’ compensation or personal injury claim in the form of on-going payments, either for the rest of their life or up to a specified date.  Defendants or insurers responsible for the claims will, either directly or via an assignment company, purchase a structured settlement from BHGSS.

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