Warren Buffett’s Berkshire Hathaway will sell insurance in Canada

Canada is a “very competitive marketplace” for insurance, says arm’s new VP

Warren Buffett gesturing against a dark background

(Stan Honda/AFP/Getty)

Warren Buffett’s Berkshire Hathaway Specialty Insurance has expanded into Canada, offering property, casualty and financial lines.

Canada is a “very competitive marketplace,” BHSI Canada vice-president, casualty Darryl DeSouza told Canadian Insurance Top Broker. “We want to be able to supply our product in this marketplace on a consistent marketplace basically as a forever company.”

DeSouza comes to BHSI from AIG, while head of property Scott Miller was most recently at Gen Re, and head of executive and professional lines Michael Densham comes from Chubb.

“Our balance sheet is very deep,” says DeSouza, confident that BHSI will succeed in Canada under Buffett’s leadership, who has “always had a great respect for the marketplace.”

“We’ve had a strong relationship [with Canadian brokers] already,” says DeSouza. “We’ve been welcomed and a lot of that has to do with the books of the Hathaway parent and extremely strong balance sheet.”

“With Scott, Darryl and Michael joining the BHSI team in Toronto, we have an immediate market presence—with decades of experience in Canada,” says president Peter Eastwood in a statement.

“Our entry to Canada is consistent with our global ambitions,” executive vice-president David Bresnahan told the Toronto Star. BHSI entered the American, Singaporean and Hong Kong markets within the last two months.

This article originally appeared on Canadian Insurance Top Broker