Berkshire Hathaway suffers insurance underwriting slump in Q4

Berkshire Hathaway | February 24, 2020

Berkshire Hathaway Inc. may have bounced back big-time in the fourth quarter of 2019 – from a US$25.4 billion net loss in the same quarter in 2018 to net earnings attributable to shareholders of US$29.2 billion this time around – but the same can’t be said about the group’s insurance underwriting result. In a release over the weekend, the multinational conglomerate reported an operating loss of US$857 million for insurance underwriting. Berkshire’s insurance investment income; railroad, utilities, and energy; and other businesses all posted operating earnings in the quarter. For the full year, the insurance underwriting operations recorded a US$325 million operating income, which is significantly lower compared to the US$1.6 billion in operating earnings enjoyed in 2018.

Spotlight

Cisco Application Centric Infrastructure (Cisco ACI) technology provides the capability to insert Layer 4 through Layer 7 (L4-L7) functions using an approach called a service graph. One of the main features of the service graph is Policy-Based Redirect (PBR).

Spotlight

Cisco Application Centric Infrastructure (Cisco ACI) technology provides the capability to insert Layer 4 through Layer 7 (L4-L7) functions using an approach called a service graph. One of the main features of the service graph is Policy-Based Redirect (PBR).

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CORE INSURANCE

Erie Insurance 'Future Focus' program recognized as a RISE Elite 50 industry internship program

Erie Insurance | September 20, 2022

The Erie Insurance (ERIE) Future Focus internship program has been named to the Rising Insurance Star Executive (RISE) list of the insurance industry's 50 best internship programs in 2022. This is the second consecutive year that ERIE has been honored. ERIE's summer internship program offers opportunities for college students to gain relevant and real-world business experience in the insurance industry and at a Fortune 500 company. "We're excited to be included on the RISE Elite 50 list for the second consecutive year. Our interns often tell us that our program is a premier offering in the industry, and this recognition is certainly a bonus, Year after year, the most impactful feedback comes directly from our interns, who, through an overwhelming response to our end-of-program survey, gave our 'Future Focus' program an average satisfaction rating of 4.8 out of 5 this year." -JR Wilwohl, talent acquisition partner and ERIE's internship program coordinator ERIE's internship program, which began more than 20 years ago and has helped launch the careers of hundreds of current ERIE employees, offers paid, competitive internships across several areas of the company. According to Jon O'Camb, talent acquisition manager, ERIE's Future Focus internships are one of the company's largest pipelines for early career talent and ERIE is committed to growing diversity within its talent pool. Our commitment to celebrating and valuing diversity continues, and our internship program is an extension of that. We're widening our talent pipeline by strengthening relationships with historically Black colleges and universities across ERIE's footprint and working with ERIE's affinity networks and DEI leadership to help further reach diverse candidates, Once our interns are hired, we also provide them with multiple opportunities to engage with our company's DEI and community outreach teams and encourage them to become active in ERIE's nine employee affinity networks during their internship with us,said O'Camb. In 2022, more than 100 ERIE interns worked in ERIE's IT, Underwriting, Risk Control, Actuarial, Data, Sales & Marketing, Claims, Corporate Services, Customer Service, Finance, Accounting, Internal Audit, Investments and ERIE Experience departments. Rising Insurance Star Executive (RISE) is an industry group founded to help bridge the talent gap by recognizing and advancing the best young talent in the insurance industry. There is nothing more impactful to building the talent pipeline for the Insurance Industry than our internships, Companies can test drive talent, learn from fresh perspectives, expose young professionals to their brand, foster leadership in current employees, and the list goes on. Interns gain real world experience, learn about their strengths and weaknesses and gauge whether a job or industry is the right career for them,read an announcement of the annual list from RISE. About Erie Insurance According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia.

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CORE INSURANCE

PCF Insurance Enters Wisconsin Market with Acquisition of Milz Health Group

PCF Insurance Services | November 16, 2022

PCF Insurance Services (PCF), a top 20 U.S. insurance brokerage firm, has acquired Milwaukee-based Milz Health Group, a full-service health insurance agency providing coverage to Wisconsin Medicare-eligible individuals and coverage through the Affordable Care Act. Milz provides affordable health care coverage for individuals through an integrated suite of online services. Offering Medicare Advantage Plans, Medicare Supplemental Insurance policies (Medigap plans), and Medicare Part D prescription drug plans (PDP), Milz Health Group uses a unique, proprietary process to design plans with top insurance carriers that are affordable and effective. "PCF Insurance Agency Partners are deep-rooted, trusted advisors for their clients, and with more than 50 years serving Wisconsin with affordable health coverage, the Milz Health Group team was an ideal partner to expand our presence into that market," - Peter C. Foy, Chairman, Founder, and CEO of PCF Insurance The PCF Insurance business model supports and expands on the agency's continued success with its strong market relationships and the efficiencies and economies of scale generated by a shared services approach. PCF Insurance Agency Partners can offer clients enhanced coverage offerings, more competitive pricing, and innovative solutions for protection against even the most unique risks. Jason Milz, Principal at Milz Health Group, explains that PCF's entrepreneurial focus opens the door to more growth opportunities while allowing us to continue to be who we are, guided by our core values, which are important to the way we conduct our business. About Milz Health Group Voted Best Health Insurance Site in Milwaukee in 2021 by Expertise.com, Milz Health Group has over 50 years of experience providing affordable health coverage to individuals. Focusing on Wisconsin Medicare and the Affordable Care Act, Milz's unique process and online services find an affordable, effective plan every time. Milz Health Group represents most national Medicare insurance carriers and several regional companies. Neither Milz Health Group nor its agents are connected with the Federal Medicare program. About PCF Insurance Services A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. Ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space.

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INSURANCE TECHNOLOGY

PolicyMe Launches New Critical Illness Insurance Offering the Most Covered Conditions in Canada for Adults

PolicyMe | November 08, 2022

Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness. “Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.” -Jeff McKay, Co-Founder & CTO of PolicyMe How PolicyMe is building a better Critical Illness Insurance product Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers. From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe. How PolicyMe is bringing more critical illness coverage to Canadians PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions). Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability. Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application. We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro. Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders. We’ve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity, Over the next 12 months, we’ll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so,says Ostro. About PolicyMe PolicyMe is a Canadian digital life insurance solution built to make financial protection for families simple and affordable. PolicyMe makes it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less. Using technology, they've streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs.

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