AAA  Apr. 12, 2016 6:10 PM ET
CEO of Berkshire Hathaway's Gen Re reinsurance unit retiring
  •       AIM
  •       Share
This April 11, 2016 photo shows Carioca Arena 1 behind palm trees inside Rio 2016 Olympic Park in Rio de Janeiro, Brazil. The arena will host Olympic basketball matches. Problems still hang over South America's first games. Brazil President Dilma Rousseff is being impeached and is likely to be suspended when the games open Aug. 5, partly fallout from Brazil's worst recession in decades, 10-percent unemployment, and a $3 billion Petrobras corruption scandal. Away from politics, the Zika virus threatens athletes and tourists. (AP Photo/Felipe Dana)
. .
. .

Buy AP Photo Reprints

(AP) — The head of one of Berkshire Hathaway's biggest insurance companies is retiring.

Spokeswoman Sue Johnson said Tuesday that Gen Re CEO Tad Montross will retire at the end of 2016.

The way Berkshire's large reinsurance company is managed will change after Montross' retirement. Montross currently reports directly to Berkshire CEO Warren Buffett, but his successor will report to Ajit Jain, who already runs another reinsurance unit at Berkshire.

Jain will also choose the next CEO of Stamford, Connecticut, based Gen Re.

Many investors who follow Berkshire say Jain is one of the leading candidates to eventually succeed Buffett as CEO.

Buffett regularly praises Jain's ability to evaluate insurance risks and generate underwriting profits, but Berkshire has never named its internal candidates to succeed the 85-year-old Buffett.

Associated Press
  •       AIM
  •       Share