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| | Berkshire Hathaway Agrees Not To Poach AIG Business Insurance Executives For One Year
By Lonce LaMon - September 13, 2013
Last April 2013, Warren Buffet, the mogul of Berkshire Hathaway, made known his big ambitions to expand his reach in business insurance and the worldwide commercial marketplace.
Berkshire is best known for reinsurance and, of course, GEICO, but now it is burgeoning in the commercial marketplace insuring mid-sized, large, domestic and worldwide companies. But just in April Berkshire hired four executives out of property-casualty from AIG and brought them on board at Berkshire.
Since then, 20 executives total out of commercial insurance have been hired out of AIG by Berkshire and the new Berkshire unit has expanded to 62. Consequently, that makes 42 individuals hired by Berkshire from other companies.
At first and continuing towards the present, AIG was polite on the surface about the poaching of its commercial insurance executives, but behind the scenes there allegedly were and have been many angry people. It was reported by the Wall Street Journal that senior executives at AIG pulled together a “let’s figure out what we can do” think tank and consulted with at least their own in-house attorneys.
The report now is Berkshire and AIG have come to a truce. AIG has struck a deal committing Berkshire not to poach their people for a one year period.
The Berkshire Hathaway ambitions for extensive business insurance expansion got a lot of publicity in the Media last Spring, and as a result, apparently phones started to ring cacophonously to the new executives hired by Berkshire by very interested callers.
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