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 robb.stewart@wsj.com
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