BRK-B · 10-Q · 2026Q3 · Full report

Reinsurance Competition and Growth

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

BHRG property/casualty premiums written increased 7.0% in the third quarter and 2.6% year to date, primarily reflecting new policies, including a Tokio Marine whole-account quota-share agreement that began April 1, 2026. The agreement covers a portion of Tokio Marine’s non-life premiums and related losses and expenses on risks attaching over a ten-year term; estimated premiums written through September 30 were approximately $700 million. Outside the new policies, premium volumes were constrained by increased price competition in U.S. property markets.

Key facts

• Berkshire Hathaway Reinsurance Group incurred no significant catastrophe losses in the first nine months of 2026, compared with $760 million in 2025 from Southern California wildfires. source
• Changes in prior accident years’ ultimate loss estimates reduced Berkshire Hathaway Reinsurance Group losses and LAE by $1.2 billion in the first nine months of 2026, compared with $898 million in 2025. source
• Berkshire Hathaway Reinsurance Group premiums written increased $361 million (7.0%) in the third quarter and $422 million (2.6%) in the first nine months of 2026 compared with 2025, primarily due to new policies, including the Tokio Marine agreement. source
• Berkshire Hathaway Reinsurance Group’s 2026 premium volumes were otherwise constrained by increased price competition in U.S. property markets. source