AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa+" (Superior) of General Reinsurance Corporation (headquartered in Stamford, CT) and its core property/casualty (P/C) and life (re)insurance subsidiaries operating in the United States and internationally. These companies collectively are known as General Re Group (Gen Re). (Please see below for a detailed listing of these companies and Credit Ratings [ratings].) In addition, AM Best has affirmed the Long-Term ICR of "aa+" (Superior) of General Re Corporation (Delaware). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Gen Re'
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of Finial Reinsurance Company (Stamford, CT), an indirect subsidiary of Berkshire Hathaway Inc. (Berkshire) (NYSE:BRK). The outlook of these Credit Ratings (ratings) is stable. The ratings of Finial Reinsurance Company reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also reflect Finial Reinsurance Company's strongest level of risk-adjusted capitalization, as measured by Best's Capital Ad
Warren Buffett has come up with a new plan for where his billions of dollars will go after his death. Since 2006, the chairman and CEO of Berkshire Hathaway Inc. (NYSE:BRK)(NYSE:BRK) has made annual gifts to the Gates Foundation (formerly known as the Bill & Melinda Gates Foundation) and four other foundations connected to the Buffett name, and he will continue doing that while he is still alive. But that will change upon his death, the Wall Street Journal reported. Buffett, 93, has decided that no more money will be given to the Gates Foundation after he passes away and nearly all of his remaining fortune will instead get funneled into a new charitable trust run by his daughter and
Interactive Brokers Group, Inc. (NASDAQ:IBKR) stock is trending on Wednesday. The company reported losses from a recent trading anomaly and will soon launch forecast contracts on economic and climate events. The Details: Interactive Brokers shares were facing selling pressure in early trading after the company announced approximately $48 million in losses. The stock is bouncing back the time of writing. The losses come from orders placed for Berkshire Hathaway (NYSE:BRK) stock during a trading halt on June 3 after the stock fell to $185 from about $622 thousand per share due to a technical error. The clients of the brokerage subsidiaries of Interactive Brokers Group placed orders du
Warren Buffett‘s Berkshire Hathaway Inc. (NYSE:BRK)(NYSE:BRK) is reducing its stake in BYD Co., Ltd. (OTC:BYDDY) (OTC:BYDDF) to less than 6%. Berkshire sold nearly 2.02 million Hong Kong-listed shares of BYD at $234.57 apiece, dropping its stake from 6.18% to 5.99%. The disposal was done on June 19, a Hong Kong stock exchange filing showed. The sale fetched the firm proceeds of HK$473.24 million ($60.61 million). Earlier this month, Berkshire sold 1.3 million Hong Kong-listed shares of BYD, with the sale fetching the firm proceeds of HK$310.5 million. Check This Out: Warren Buffett’s Berkshire Hathaway Further Reduces Position In This Tesla Rival, An Investment Charlie Munger Fir
Taiwan Semiconductor Manufacturing Co (NYSE:TSM) is reportedly exploring a new method of advanced chip packaging to meet the growing AI-driven demand for computing power. The key Nvidia Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL) supplier is collaborating with equipment and material suppliers on this new technique, which could take several years to commercialize. The innovation involves using rectangular panel-like substrates instead of the traditional round wafers, enabling more chip sets per substrate, the Nikkei Asia reports. TSMC stock is trading higher Thursday. The rectangular substrates under trial minimize unused space, presenting a significant technical shift for TSM
Berkshire Hathaway, Inc. (NYSE:BRK) (NYSE:BRK), the investment holding firm, run by revered investor Warren Buffett on Monday disclosed trimming stake in China-based electric-vehicle maker BYD Co Ltd. (OTC:BYDDY) (OTC:BYDDF). What Happened: Berkshire sold 1.3 million Hong Kong-listed shares of BYD, with the sale fetching the firm proceeds of HK$ 310.5 million ($39.8 million), a Hong Kong stock exchange filing showed. The disposal was done on June 11. Berkshire has been offloading shares of BYD in small quantities over the years, and the most recent divestment has left it with a stake of 6.90%, down from 7.98% in late October 2023, when it sold 820,500 shares. See Also: Best Chinese
Alphabet Inc. (NASDAQ:GOOGL) inked an agreement with Berkshire Hathaway Inc. (NYSE:BRK) electric utility NV Energy to supply its data centers with advanced geothermal electricity. Google stated that the deal, which is awaiting approval from state utility regulators, will increase the amount of carbon-free geothermal electricity supplied to the local power grid for its operations from 3.5 megawatts to 115 megawatts over approximately six years, reported Reuters. NV Energy penned a power purchase agreement with Fervo Energy, which has supplied Google with 3.5 megawatts of power since their pilot program began in 2021, the report mentioned. The agreement comes as leading technology com
Private equity giants such as Blackstone Inc (NYSE:BX) have seemingly gobbled up everything in the United States market, from pet care to real estate, even eying a purchase of sports teams. The NYC-based investment management company has eyed a new opportunity: the Japanese market. What Happened: Nikkei Asia reported that Blackstone is planning to invest $9.6 billion in Japan by 2027. “There are a number of factors that have come together that have really accelerated growth in the Japanese economy as well as investment opportunities,” Blackstone President Jonathan Gray told Nikkei. “It’s been the return of inflation to the Japanese economy, the strength in the stock market, the polici
Paramount Global’s (NASDAQ:PARA) controlling company, National Amusements, has attracted interest from former media executive Edgar Bronfman Jr., backed by Bain Capital. The company is offering between $2 billion and $2.5 billion. This interest comes as Shari Redstone, who controls Paramount, is negotiating to sell a majority stake in National Amusements to Skydance Media, potentially merging Paramount with Skydance. Hollywood producer Steven Paul is also preparing a $3 billion offer for National Amusements, the Wall Street Journal reports. Paramount stock is trading lower on Monday. The sale of NAI would result in a new controlling shareholder for Paramount. At the same time, the S
Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) has increased its investment in Occidental Petroleum Corporation (NYSE:OXY). What Happened: Berkshire Hathaway purchased an additional 2.57 million shares of Occidental Petroleum’s common stock between June 5 and June 7, according to a U.S. securities filing. The investment amounts to over $150 million, increasing Berkshire’s stake in the energy company to about 250.6 million shares. Occidental Petroleum’s shares closed at $59.48 on Friday, according to Benzinga Pro. As of March, Berkshire held a roughly 28% stake in the company. See Also: Kitty-Themed Crypto Pumps 65% In Anticipation Of ‘Roaring Kitty’ YouTube Livest
What Happened: A technical issue at the New York Stock Exchange (NYSE) caused the stock price of companies like Berkshire Hathaway Inc (NYSE:BRK) (NYSE:BRK) and Chipotle Mexican Grill (NYSE:CMG) to decline more than 99% shortly after the open. The stocks were halted due to volatility while the exchange worked to investigate and resolve the issues.Some traders were lucky enough to purchase shares of Berkshire Hathaway for less than $200 – the stock normally trades at more than $600,000 a share. The NYSE posted an update Monday night around 9pm ET, informing customers that the exchange would ‘bust', or void, all the trades made on Berkshire during the glitch.Read Also: Berkshire Hathaway, Chip
Incumbent candidates re-elected to three-year term COLUMBUS, Ohio, June 11, 2024 /PRNewswire/ -- The NJASAP Membership has made its mandate clear by re-electing Capt. Pedro Leroux to a fourth consecutive term as the Union president with more than 80% of ballots cast in support of his candidacy. An independent labor advocate, the NetJets Association of Shared Aircraft Pilots (NJASAP) represents the professional interests of the pilots who fly in the service of NetJets Aviation Inc., a Berkshire Hathaway company (NYSE:BRK). The NJASAP Membership has issued a mandate, re-electing
Union views lawsuit as effort to silence discussion of safety, maintenance, pilot training concerns COLUMBUS, Ohio, June 5, 2024 /PRNewswire/ -- On Monday, the NetJets Association of Shared Aircraft Pilots (NJASAP) received notice that NetJets had filed a surprise lawsuit in the Franklin County Court of Common Pleas, alleging the Union has defamed the Fractional in statements regarding safety, maintenance and pilot training concerns dating back almost a year. An independent labor advocate, NJASAP represents the interests of the 3,400-plus pilots who fly in the service of NetJets Aviation, Inc. a Berkshire Hathaway (NYSE:BRK) company.
Unions Motivated by Pressing Need for Productive Labor-Management Dialogue COLUMBUS, Ohio, June 5, 2024 /PRNewswire/ -- The NetJets Association of Shared Aircraft Pilots (NJASAP) and Teamsters Local 284 have relaunched the NetJets Unions Coalition (NUC). NJASAP represents the 3,400-plus pilots who fly in the service of Berkshire Hathaway's (NYSE:BRK) NetJets Aviation, Inc., while Teamsters Local 284 represents approximately 575 NetJets dispatchers, flight attendants, maintenance controllers, mechanics and stock clerks. NetJets unions relaunch coalition based on pressing need f
Managers use intimidation, aggressive interrogation tactics to silence Union's voice COLUMBUS, Ohio, May 22, 2024 /PRNewswire/ -- Labor relations at Columbus-based fractional air carrier NetJets continue to disintegrate according to the NetJets Association of Shared Aircraft Pilots (NJASAP), the independent pilot union representing the 3,400-plus pilots who fly in the service of NetJets Aviation, Inc., a Berkshire Hathaway company (NYSE:BRK). NetJets executives seem more interested in exacting a pound of flesh than accepting our olive branch.The Union said the company reached
AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa+" (Superior) of General Reinsurance Corporation (headquartered in Stamford, CT) and its core property/casualty (P/C) and life (re)insurance subsidiaries operating in the United States and internationally. These companies collectively are known as General Re Group (Gen Re). (Please see below for a detailed listing of these companies and Credit Ratings [ratings].) In addition, AM Best has affirmed the Long-Term ICR of "aa+" (Superior) of General Re Corporation (Delaware). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Gen Re'
USA News Group Commentary VANCOUVER, British Columbia, April 22, 2024 /PRNewswire/ -- USA News Group – Giants of the auto industry have notably began sending senior executives to mingle with mining experts at events such as the BMO Global Metals & Mining Conference signalling an increasing importance to secure materials to make their cars. The reality is that there's a critical battery metals shortage looming, causing executives from car producers such as Tesla Inc. (NASDAQ:TSLA) (NEO:TSLA) and Ford Motor Company (NYSE:F) to take the matter very seriously. Despite Tesla reporting record Q1 2023 deliveries, Benchmark Minerals projects will require more than 300 new battery metal mines to meet
AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aaa" (Exceptional) of National Indemnity Company (Omaha, NE) and its affiliates (collectively referred to as National Indemnity). These companies are subsidiaries of Berkshire Hathaway Inc. (Berkshire) (NYSE:BRK). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.) The ratings of National Indemnity reflect its balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and appropriate enterprise risk manag
AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa+" (Superior) of Berkshire Hathaway Homestate Insurance Company (Omaha, NE) and its five property/casualty affiliates. These companies collectively are referred to as Berkshire Hathaway Homestate Companies (BHHC). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of companies.) The ratings reflect BHHC's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Additionally, these ratings consider t
Dragonfly Energy Battle Born Batteries now come as factory installed standard equipment on all new OGV Luxury Coach units.OGV Luxury Coach is the third Forest River, Inc. brand to include Battle Born Batteries as standard or optional equipment for customers. This is the latest partnership in an ever-growing list of RV brands to implement Dragonfly Energy lithium batteries as standard equipment. RENO, Nev., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) ("Dragonfly Energy" or the "Company"), maker of Battle Born Batteries® and an industry leader in energy storage, announces a new partnership with OGV Luxury Coach, a new division of Forest River Inc., a su
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of Finial Reinsurance Company (Stamford, CT), an indirect subsidiary of Berkshire Hathaway Inc. (Berkshire) (NYSE:BRK). The outlook of these Credit Ratings (ratings) is stable. The ratings of Finial Reinsurance Company reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also reflect Finial Reinsurance Company's strongest level of risk-adjusted capitalization, as measured by Best's Capital Ad
BALA CYNWYD, Pa., May 17, 2021 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (the "Company"), parent company of specialty property and casualty insurance providers Penn-America Group®, United National Group®, Diamond State Group®, American Reliable Insurance Company®, and Collectibles Insurance Services™ today announced the appointment of Reiner R. Mauer as the chief operations officer of Global Indemnity's insurance businesses and the Company's principal operating officer. Mr. Mauer is a 29-year veteran property & casualty insurance industry senior executive, with expertise in commercial and personal lines insurance, specialty insurance and operations. Prior to joining Gl