Gustavo Ballvé on April 29th, 2013
Food for thought, Home, Insurance, Signal or Noise

The CEO of AIG’s Americas Property & Casualty area leaves and takes 3 other senior executives with him. The surprise is that they were hired by Berkshire Hathaway’s Ajit Jain to build a Commercial P&C unit there. Very interestingly, Mr. Eastwood mentions that in time he may seek opportunities for Berkshire outside the US. Now even more interesting for us Brazilians is that one of the executives that join Mr. Eastwood at Berkshire is Sanjay Godhwani, who was AIG’s P&C president for Latin America and the Caribbean (in Spanish). In fact, Mr. Godhwani has just recently visited Brazil to launch a product here (in Portuguese) as AIG wants to double its LatAm revenues in five years. Hmmm… It may mean nothing in the short (or even mid-) term, and at least this story highlights that Berkshire may be more interested in the growing “excess & surplus” market, but here’s another Sanjay Godhwani link mentioning Brazil.

The move also made some wonder whether it’s a plus or minus sign in terms of Ajit Jain’s chances to be Berkshire’s CEO after Buffett. This WSJ story argues for the “plus” side (H/T ValueWalk.com) the 4 new hires are seen as a “bench” to run Berkshire’s reinsurance businesses if Ajit steps up as CEO.

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