Berkshire Hathaway Completes Acquisition of Applied Underwriters
"As anticipated, our new relationship with Berkshire Hathaway is generating positive market-place responses and exciting growth opportunities for our businesses, our managers and employees, and our independent agent network," noted Applied Underwriters' Chairman and Chief Executive Officer, Sidney R. Ferenc. "Warren Buffett is recognized and respected worldwide for his business acumen and for his proven ability to choose market winners," Ferenc added. "Our clients, business partners and employees are proud to be part of the Berkshire Hathaway companies."
"We're delighted to have completed all the regulatory and legal requirements necessary to finalize our new partnership with one of America's best managed and most successful businesses," added Steven Menzies, Applied Underwriters' President and Chief Operating Officer. "We're pleased to be officially part of the Berkshire Hathaway family of businesses, and we look forward to a long and mutually rewarding partnership."
Applied Underwriters provides business insurance solutions for a wide range of companies, with specific expertise in crafting workers' compensation and business services solutions for small and medium-sized enterprises. Applied's products include SolutionOne(R) and EquityComp(TM). Founded in 1994 by Sidney R. Ferenc and Steven Menzies, it is headquartered in Foster City, California in the San Francisco Bay Area and has it main operations center in Omaha, Nebraska.
Berkshire Hathaway and its subsidiaries engage in diverse businesses including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.