Berkshire Hathaway Opens in New Zealand, Expands in Australia

   By Robb M. Stewart 
 

MELBOURNE, Australia--Warren Buffett's Berkshire Hathaway Inc. has opened a new office in New Zealand and will broaden its operations in Australia as part of a push to grow its insurance business in the Asia-Pacific region.

Berkshire Hathaway's specialty insurance business said Tuesday it had received a licence from the Reserve Bank of New Zealand and will underwrite property and casualty insurance through an office in Auckland.

Separately, the business unit said it was expanding into the healthcare underwriting market in Australia, offering property, casualty and professional lines of insurance for hospitals and medical practices.

The moves come after Berkshire Hathaway earlier this month said it was buying a small stake in Insurance Australia Group Ltd. for 500 million Australian dollars (US$384 million) as part of a decade-long partnership with the general insurer, fast-tracking the U.S. conglomerate's entry into the region.

"We open our doors in Auckland with a highly experienced team, a broad appetite for property and casualty risks, and a commitment to providing responsive and enduring solutions to the marketplace," said Peter Eastwood, president and chief executive of Boston-based Berkshire Hathaway Specialty Insurance, which already has operations in regions including Australia, Hong Kong and Singapore.

Cameron McLisky, who previously held several senior positions at American International Group Inc. in the Asia-Pacific region, has been named country manager for the New Zealand operation.

Tony Bainbridge, who most recently was regional head of healthcare for Asia-Pacific at AIG, has been appointed to lead the healthcare underwriting efforts in Australia, the company said.

Write to Robb M. Stewart at [e-mail]

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