Berkshire Hathaway’s bond insurer receives 45 state licences

NAIC stepped in to speed up the process • Allied World launches reinsurance arm • Florida market causes concern, Fitch

Forty-five US jurisdictions have now licensed new bond insurer Berkshire Hathaway Assurance Corp (BHAC) after the bond insurance crisis prompted investor Warren Buffet to enter the market. With market leaders Ambac and MBIA facing big losses in the wake of the sub-prime collapse, BHAC’s licence applications were coordinated via a National Association of Insurance Commissioners (NAIC) application that expedited the approval process.