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Berkshire Hathaway Specialty Insurance Company Announces Withdrawal from Hong Kong Government Employees’ Compensation Terrorism Pool

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HONG KONG–(BUSINESS WIRE)–Berkshire Hathaway Specialty Insurance Company (BHSI) announced that it
has withdrawn from the Hong Kong Employees’ Compensation (EC) terrorism
pool (the pool) effective December 1, 2018. This decision benefits all
BHSI’s new and existing EC customers for policies incepting or renewing
on or after December 1, 2018. BHSI is now the first insurer in Hong Kong
to provide EC terrorism coverage to customers directly, backed by
Berkshire Hathaway Specialty Insurance Company’s financial strength.


The EC terrorism pool was established to provide terrorism cover for
Hong Kong EC policyholders after the September 11th terror events when
capacity had receded in the international markets. Whilst participation
is voluntary, the pool provides a maximum limit of HK $10 billion which
until now was shared among all EC policyholders for all terrorism claims
on a “first come, first served” basis. Insurers participating in the
pool must charge their EC policyholders a 3% levy on policy premiums
which is then remitted to the Hong Kong SAR Government. According to the
terms of the pool, those participating insurers are not obligated to pay
EC terrorism claims to their customers until the pool first pays the
insurer for the claims.

Effective December 1, the EC terrorism coverage provided by BHSI is no
longer subject to any of the pool’s restrictions. BHSI’s customers are
no longer subject to the 3% levy on their EC policy premiums; BHSI
policyholders no longer need to share a limit with all the other EC
policyholders in Hong Kong; and payments for terrorism claims are no
longer contingent upon payment or reimbursement from the pool.

“The feedback from the customers and brokers we have discussed our
approach with has been incredibly encouraging,” said Marc Breuil, CEO of
BHSI Hong Kong. “BHSI’s Employees’ Compensation policies are now
exclusively backed by its own financial strength – which carries the
same S&P rating as the Hong Kong SAR Government – and provide EC
terrorism coverage to policyholders without the obligation to pay the
levy. We are excited to offer this market-changing coverage development
to our current and future EC customers, said Mr. Breuil.”

To learn more, contact marc.breuil@bhspecialty.com.

Berkshire Hathaway Specialty Insurance (www.bhspecialty.com)
provides commercial property, casualty, healthcare professional
liability, executive and professional lines, surety, travel, programs,
medical stop loss, accident and health, and homeowners insurance. The
actual and final terms of coverage for all product lines may vary.
In
the Asia Middle East region, it underwrites on the paper of Berkshire
Hathaway Specialty Insurance Company, which holds financial strength
ratings of A++ from AM Best and AA+ from Standard & Poor’s. Based in
Boston, Berkshire Hathaway Specialty Insurance has offices in Atlanta,
Boston, Chicago, Houston, Indianapolis, Irvine, Los Angeles, New York,
San Francisco, San Ramon, Seattle, Stevens Point, Auckland, Brisbane,
Dubai, Dublin, Düsseldorf, Hong Kong, Kuala Lumpur, London, Macau,
Melbourne, Munich, Perth, Singapore, Sydney and Toronto.

Contacts

For Berkshire Hathaway Specialty Insurance
Cherry Gao, +852 3729
1300

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