BERKSHIRE HATHAWAY INC (BRK-B)

Berkshire Hathaway Inc., a Delaware-domiciled holding company headquartered in Omaha, Nebraska, operates a diverse portfolio of businesses managed under a highly decentralized structure, with its Chief Executive Officer responsible for major capital allocation and investment decisions and evaluating operating performance. Its core operations span insurance (both primary and reinsurance), freight rail transportation, and utility and energy generation and distribution, alongside numerous manufacturing, service, and retail businesses. At the end of 2025, Berkshire employed approximately 387,800 people worldwide, with about 80% in the U.S. and 19% unionized; human capital practices, including compensation, safety, training, and hiring, are managed independently by each subsidiary.

The insurance segment, employing roughly 42,600 people, is central to Berkshire's operations and includes GEICO (private passenger auto insurance sold via direct response and agency channels, ranked third-largest U.S. auto insurer with about 11.6% market share), the Berkshire Hathaway Primary Group (a collection of independently managed insurers such as NICO Primary, BHHC, BHSI, RSUI, CapSpecialty, MedPro, MLMIC, USLI, BH Direct, and GUARD, covering commercial, workers' compensation, healthcare liability, and specialty lines), and the Berkshire Hathaway Reinsurance Group (comprising NICO Group, General Re Group, and TransRe Group, offering global property/casualty and life/health reinsurance, including retroactive reinsurance and periodic payment annuities through BHLN). Berkshire's insurers maintain exceptionally strong capital positions, with combined U.S. statutory surplus of approximately $333 billion at year-end 2025, and are rated AA+ by Standard & Poor's and A++ by A.M. Best. The company operates under a comprehensive Code of Conduct and Ethics and is subject to extensive state, federal, and international insurance regulation, including oversight by the Nebraska Department of Insurance as lead supervisor of its insurance group, participation in supervisory colleges with regulators from Delaware, Connecticut, Germany, Ireland, and the U.K., and compliance with NAIC standards, group capital calculations, and the Terrorism Risk Insurance Act (TRIA), under which Berkshire's aggregate deductible is expected to be approximately $2.5 billion in 2026.

Non-U.S. insurance operations are conducted through subsidiaries in Germany, Ireland, the U.K., Australia, South Africa, and other countries, subject to varying local regulatory regimes. Competition in the insurance industry is based on price, service, financial strength, and underwriting consistency, with Berkshire's capital strength serving as a key differentiator from competitors such as State Farm, Progressive, Allstate, and USAA.