BRK-B · 10-Q · 2026Q3 · Full report

Tokio Marine Reinsurance Agreement

BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 50 · Surprise 50

BHRG property/casualty premiums written increased 7.0% in Q3 and 2.6% to $16.762 billion in the first nine months of 2026. The increase included a whole-account quota-share agreement with certain Tokio Marine subsidiaries that began April 1, 2026, under which NICO assumes a portion of non-life premiums, losses and expenses for risks attaching over a ten-year term. Estimated premiums written under the agreement through September 30 were approximately $700 million. Nine-month property/casualty losses and LAE fell 9.4%, including no significant catastrophe losses versus $760 million from 2025 Southern California wildfires and $1.2 billion of favorable prior-year loss estimate reductions.

Key facts

• Under the Tokio Marine agreement, NICO assumes a quota-share portion of non-life premiums written and related losses and expenses on risks attaching over a ten-year term; premiums written through September 30, 2026 were approximately $700 million, based on current estimates. source