Business Services Industry
Reinsurer merger talk raising questions; Union of Berkshire, ERC would create powerhouse.(News)(Employers Reinsurance Corp. and Berkshire Hathaway Group merger discussion)
Business Insurance, November, 2002 by Greenwald, Judy
Byline: JUDY GREENWALD OMAHA, Neb.-Reinsurance buyers would be better off if Employers Reinsurance Corp. had a parent such as Berkshire Hathaway Group that is committed to the reinsurance business, because of the stability this would convey, market observers say. They say it has been well known for several years that ERC's ultimate parent, General Electric Corp., is unhappy with its reinsurance unit's performance.
They also point out, though, that such an acquisition would further diminish the already-shrinking number of reinsurers. It may also cause some concern among reinsurance buyers that now do business with both ERC and Berkshire Hathaway's General Re Group about the concentration of risks with a single reinsurer. Spokesmen for Berkshire Hathaway,...
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