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Fitch affirms Berkshire Hathaway, subsidiaries

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Fitch affirms Berkshire Hathaway, subsidiaries

Fitch Ratings affirmed the AA- long-term issuer default ratings of Berkshire Hathaway Inc., General Re Corp., GEICO Corp. and Berkshire Hathaway Finance Corp.

Additionally, the rating agency affirmed the AA+ insurer financial strength ratings of Berkshire Hathaway's insurance subsidiaries, General Star Indemnity Co., Wesco-Financial Insurance Co., Government Employees Insurance Co., National Liability & Fire Insurance Co., National Indemnity Co. of the South, National Indemnity Co. of Mid-America, National Indemnity Co., National Fire & Marine Insurance Co., Columbia Insurance Co., General Reinsurance Corp., Genesis Insurance Co. and General Star National Insurance Co. General Re's F1+ short-term issuer default rating was also affirmed.

The ratings outlook is stable.

Fitch said Berkshire Hathaway's business profile rank as "most favorable" compared with other U.S. nonlife insurance companies support the ratings. The rating agency noted that the company has a "unique" insurance franchise, major positions in reinsurance and personal auto, as well as major operations in railroads, utilities and energy. Berkshire Hathaway's ratings also benefit from extremely strong risk-based capitalization at the insurance operations measured by the rating agency's Prism capital model.