Warren Buffett's Berkshire Hathaway gets green light for Brexit hub in Ireland
Warren Buffett's Berkshire Hathaway Insurance Group has been granted a certificate of authorisation by the Central Bank of Ireland to operate as an insurer in Ireland and the European Economic Area (EEA).
Berkshire Hathaway European Insurance DAC (BHEI) intends to commence writing business by the end of March 2019.
Based in Dublin, BHEI will operate as a designated activity company, providing service to the company’s customers and brokers in Ireland and across the EEA.
BHEI will be the insurance company utilised by a number of Berkshire Hathaway’s insurance brands operating in the EEA, including Berkshire Hathaway Specialty Insurance, MedPro, and Faraday.
The company said that, if required, the EEA business previously transacted through BHEI’s UK based direct parent Berkshire Hathaway International Insurance (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.
BHIIL, however, will continue to operate its significant general insurance business in the UK market and overseas under its existing licenses.
