Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., is planning an expansion in commercial insurance after hiring four executives from American International Group Inc.
"We would like to get into the commercial insurance business very big time," Buffett, 82, said yesterday in an interview with Bloomberg Television's Betty Liu, before the company's annual meeting this weekend in Omaha, Nebraska. "We hired them because they're very good at the commercial insurance business."
Peter Eastwood, chief executive officer of AIG's property-casualty operation in the Americas, was among executives joining Berkshire, along with other managers with commercial-insurance experience. AIG named executives this week to fill some posts after the insurer's shares dropped 3.3 percent on April 26, as the departures were reported.
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