Berkshire Hathaway Insurance Group announced that Berkshire Hathaway European Insurance DAC (BHEI) has been granted a license to operate as an insurer in the Republic of Ireland and the European Economic Area (EEA).
Based in Dublin, BHEI will operate as a “Designated Activity Company,” or DAC, providing service to the company’s customers and brokers in Ireland, as well as across the EEA, using the European Union’s freedom of services (passporting) rights.
BHEI, which intends to begin writing business by the end of March 2019, will be the insurance company utilized by a number of Berkshire Hathaway’s insurance brands operating in the EEA, including Berkshire Hathaway Specialty Insurance (BHSI), MedPro and Faraday (which operates Syndicate 435 at Lloyd’s).
Where necessary or required, EEA business previously transacted through BHEI’s UK-based direct parent Berkshire Hathaway International Insurance Ltd. (BHIIL) will be transferred from BHIIL to BHEI, in accordance with applicable law, to achieve a smooth transition for its customers and brokers upon the UK leaving the European Union, said Berkshire Hathaway Insurance Group in a statement.
BHIIL, however, will continue to operate its significant general insurance business in the UK market and overseas under its existing licenses. In addition, BHEI is a wholly owned subsidiary of BHIIL, incorporated as a limited liability company in England and Wales.
Source: Berkshire Hathaway Insurance Group
Topics Europe
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