Buffett exits insurance for top Adif positions
Berkshire Hathaway participated in the bidding, but without a real interest in getting the contract, the firm says, so it offered a non-competitive price.
Berkshire Hathaway Specialty Insurance (BHSI) is exiting a liability insurance contract that protects Adif's executives and senior officials. The insurer, led by Constanza Gállegos in Spain, had submitted a non-competitive bid of 118,474 euros in a public tender launched by Adif in May. Berkley has won the tender with a bid of 55,101 euros, beating Liberty Mutual's offer of 108,150 euros.
The insurance contract, worth 30 million euros, covers damages caused to third parties by Adif's executives and senior officials. Adif has also awarded other layers of the insurance contract to Starr and Zurich Insurance.
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