I attended Perrin Conferences’ one-day “Emerging Insurance Coverage & Allocation Issues” conference on May 19 in Philadelphia. It was a good event both in terms of content and catching up with people.
One of the conference co-chairs was David Gold, Senior Vice President, Direct Claims, at Resolute Management Inc., the claims administration subsidiary of National Insurance Company (NICO) and an indirect subsidiary of Berkshire Hathaway. It was at this same conference two years ago that my own presentation “All Roads Lead to Berkshire” caused such a sensation, and I was heckled from the audience by Mr. Gold’s boss, Tom Ryan. I therefore listened to Mr. Gold’s opening remarks with great interest. He was at pains to present a warm and fuzzy picture of Resolute’s claims handling practices, as well as to respond to certain reputational issues that Resolute has in the marketplace.
Highlights of his remarks included:
What do you make of these remarks? Do you find Resolute’s claims handling practices troubling? Are you concerned about Berkshire’s unprecedented concentration of long-tail risk? You may find of interest this earlier post of mine about this year’s Berkshire Hathaway shareholder letter.
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Jonathan Terrell is the Founder and President of KCIC. He has more than 30 years of international financial services experience with a multi-disciplinary background in accounting, finance and insurance. Prior to founding KCIC in 2002, he worked at Zurich Financial Services, JP Morgan, and PriceWaterhouseCoopers.Learn More About Jonathan