Genesis Chairman and CEO, Harry L. Richter to Retire in September; Genesis and General Star to Merge Operations; Patricia H. Roberts to Lead Combined Companies

Business Wire, July 7, 2004

STAMFORD, Conn. -- General Re Corporation, a subsidiary of Berkshire Hathaway Inc., announced that Harry L. Richter, Chairman, President and Chief Executive Officer of its Genesis operation, which underwrites specialized excess and large deductible insurance coverages, will retire on September 1, 2004 after serving more than 15 years. Patricia H. Roberts, currently President and Chief Executive Officer of General Star Management Company, General Re's excess and surplus lines operation, will become President and Chief Executive Officer of Genesis in addition to her current responsibilities.

Joseph P. Brandon, Chairman and Chief Executive Officer of General Re Corporation said, "We thank Harry for the tremendous leadership he has provided in making Genesis a leader in the alternative risk market and developing a strong, skilled team focused on delivering high quality products and responsive service. While we will miss his leadership, humor and streetwise market perspective, Harry's clear vision, commitment to underwriting excellence and dedication to clients have positioned Genesis well for the future. Harry leaves with our deep appreciation for his many contributions and our best wishes for an enjoyable retirement."

"Harry's retirement provides an opportunity to better align Genesis' and General Star's operations under Pat Robert's leadership. Pat's underwriting knowledge and skills are formidable, and her focus on client service is legendary," continued Brandon. "General Star and Genesis have strong competitive positions in each of their markets, and I'm confident that their combination under Pat's leadership will optimize both companies' considerable talent and resources," concluded Mr. Brandon.

"With the continued convergence of insurance underwriting and distribution systems, the combination of Genesis and General Star will enable us to provide better service to our clients and best meet market needs," said Ms. Roberts. "General Star and Genesis remain fully committed to their respective customers who will continue to be served by the same people they have long known and trusted."

Ms. Roberts is a graduate of George Mason University, where she earned a B.S. degree in Business Administration. She joined General Re in 1977 and transferred to General Star in 1978. At General Star, she has held a variety of senior underwriting and management positions. She holds a CPCU designation attained in 1985.

General Re Corporation, a subsidiary of Berkshire Hathaway Inc., is a holding company for global reinsurance and related risk management operations. It owns General Reinsurance Corporation and a controlling interest in Cologne Re. Both companies operate under the trade name Gen Re.

The General Star Companies underwrite excess, surplus and specialty property / casualty insurance on an admitted and non-admitted basis through appointed wholesale brokers. General Star operates through five underwriting locations - Atlanta, Chicago, Los Angeles, New York and Stamford.

The Genesis Companies underwrite excess and large deductible insurance coverages supporting alternative risk transfer programs for individual and group policyholders on an admitted and non-admitted basis through retail and specialty brokers servicing qualified self-insurers. Genesis conducts business from regional offices in Atlanta, Beachwood, Ohio, Chicago, New York, San Francisco and Stamford.

Both Genesis and General Star are rated A (Superior) by A.M. Best Company and have a AAA Insurance Financial Strength Rating from Standard and Poor's Corporation.