AAA  Apr. 12, 2016 6:10 PM ET
CEO of Berkshire Hathaway's Gen Re reinsurance unit retiring
  •       AIM
  •       Share

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