Berkshire Hathaway May Bid for Direct Line

According to several newspapers including The Independent and The Times of London, Berkshire Hathaway has expressed an interest in bidding for Royal Bank of Scotland’s Direct Line insurance business. RBS is facing an EU deadline to sell the Direct Line business by the end of 2012. The business has been facing losses recently due to soaring injury claims. The possibility of a bargain purchase may have attracted Warren Buffett’s interest. Other potential buyers include Allstate. Read this article for more details.

Lou Simpson Plans to Retire from GEICO in December

According to an article in The Chicago Tribune, Lou Simpson is planning to retire from GEICO at the end of 2010. Mr. Simpson is President and CEO of Capital Operations. Tony Nicely is Chairman, President, and CEO of GEICO’s insurance operations. Like other Berkshire Hathaway insurance subsidiaries, insurance underwriting operations and investment decisions are handled separately with Mr. Simpson having broad autonomy over GEICO’s investment portfolio.

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