Business Services Industry

10 who made insurance-related headlines in 2003.(insurance industry briefs)

Business Insurance, January, 2004

Warren Buffett is used to stirring fellow investors into action with his public statements about particular stocks, but this year it was fellow reinsurers that were forced to sit up and take notice as he publicly warned of a certain unnamed reinsurer that had allegedly stopped playing claims.

The renowned investor and chairman of Berkshire Hathaway Inc. used his annual letter to shareholders to warn of a large reinsurer that "has all but ceased paying claims, including those both valid and due'' (BI, March 17). The comment immediately started speculation as to the identity of the unfortunate reinsurer. Observers initially targeted Cologne, Germany-based Gerling Global Re, which stopped underwriting in 2002, as the likely subject of Mr. Buffett's comment. But...

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