
AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of &#34;aaa&#34; (Exceptional) of National Indemnity Company (Omaha, NE) and its affiliates

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aaa" (Exceptional) of National Indemnity Company (Omaha, NE) and its affiliates (collectively referred to as National Indemnity). These companies are subsidiaries of the ultimate parent, Berkshire Hathaway Inc. (Berkshire) (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BRK">BRK</a>). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)


The ratings reflect National Indemnity's balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and appropriate enterprise risk management.


National Indemnity's balance sheet strength benefits from its solid risk-adjusted capitalization, which is maintained typically at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), but can fluctuate due to investment market volatility or in the immediate aftermath of large dividend payments. This volatility is mitigated by ample liquidity and vast financial resources, not only at National Indemnity's level, but also at Berkshire. National Indemnity's balance sheet further supports the greater Berkshire operations through providing capital relief to various subsidiaries in the form of quota shares and loss portfolio transfers.


National Indemnity's steady underwriting performance has been augmented by substantial investment income during most periods, which has led to operating results that have outperformed peers, as measured by a broad range of total profitability metrics, over a prolonged time period. This is driven partially by National Indemnity's sheer size as the largest balance sheet in the insurance market, and relatively low underwriting leverage. National Indemnity's underwriting results in large part reflect the performance of Berkshire's other (re)insurance affiliates, as a substantial portion of the group's premiums are assumed via quota share and to a lesser extent excess of loss reinsurance agreements with affiliates.


The FSR of A++ (Superior) and the Long-Term ICRs of "aaa" (Exceptional) have been affirmed with stable outlooks for National Indemnity Company and its following affiliates:

<ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
Columbia Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Fire &amp; Marine Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Liability &amp; Fire Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Indemnity Company of Mid-America

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Indemnity Company of the South

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Berkshire Hathaway Specialty Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Berkshire Hathaway Direct Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Berkshire Hathaway International Insurance Limited

</li>
</ul>
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=49e37a0408117ab6c670f60aefab79b3" shape="rect">Recent Rating Activity</a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1901&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=a3432e514776423767468e35a1216547" shape="rect">Guide to Best&#39;s Credit Ratings</a>. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=73ec44d3dae20116f001f2709306a6da" shape="rect">Guide to Proper Use of Best's Ratings &amp; Assessments</a>.


AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=eb4b6de2c9aa1e5dcba6c44161dbcc93" shape="rect">www.ambest.com</a>.


Copyright &#xA9; 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260416183266r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260416183266/en/" rel="nofollow">https://www.businesswire.com/news/home/20260416183266/en/</a>
Dan Hofmeister 
 Associate Director 
 +1 908 882 1893 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:dan.hofmeister@ambest.com" shape="rect">dan.hofmeister@ambest.com</a>


Steven M. Chirico, CPA 
 Director 
 +1 908 882 1694 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:steven.chirico@ambest.com" shape="rect">steven.chirico@ambest.com</a>


Christopher Sharkey 
 Associate Director, Public Relations 
 +1 908 882 2310 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:christopher.sharkey@ambest.com" shape="rect">christopher.sharkey@ambest.com</a>


Al Slavin 
 Senior Public Relations Specialist 
 +1 908 882 2318 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:al.slavin@ambest.com" shape="rect">al.slavin@ambest.com</a>

AM Best Affirms Credit Ratings of National Indemnity Company and Its Affiliates

AM Best Affirms Strong Financial Ratings for Berkshire's Subsidiary

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of &amp;#34;aaa&amp;#34; (Exceptional) of National Indemnity Company (Omaha, NE) and its affiliates
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 AM Best affirmed the highest ratings for Berkshire Hathaway&#039;s subsidiary, National Indemnity Company, indicating strong financial stability and performance. This favorable assessment reflects robust capitalization and operational strength that bolster Berkshire&#039;s overall financial health.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>AM Best confirmed A++ rating for National Indemnity Company, a Berkshire subsidiary.</li><li>National Indemnity&#039;s financial outlook is stable and strong performance is noted.</li><li>The ratings reflect strong balance sheet and robust capitalization of National Indemnity.</li><li>Operating results outperformed peers due to substantial investment income from large scale.</li><li>Berkshire supports National Indemnity through capital relief and diversified reinsurance strategies.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Berkshire Hathaway Inc. (BRK): Strengthened ratings indicate potential for sustainable growth and investor confidence.</li><li>National Indemnity Company (N/A): Strong performance due to favorable market position benefits parent Berkshire.</li></ul>
 </section>

 <section data-block="category">
 <h3>Corporate Developments</h3>
 This news pertains to Corporate Developments, specifically regarding credit ratings impacting Berkshire&#039;s stability and investor confidence. The affirmation of ratings underlines the strong financial fundamentals supporting Berkshire Hathaway&#039;s growth trajectory.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>Affirmed A++ rating enhances the credibility of Berkshire&#039;s insurance operations.</li><li>Stable outlook suggests sustained investor confidence in National Indemnity&#039;s performance.</li><li>Strong performance metrics may attract institutional investors to BRK.</li><li>Capital relief from National Indemnity supports Berkshire’s broader financial capabilities.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>National Indemnity maintains an A++ rating from AM Best.</li><li>The company&#039;s risk-adjusted capitalization remains at the highest level.</li><li>Berkshire&#039;s reinsurance strategy involves quota shares with its affiliates.</li><li>National Indemnity is the largest balance sheet in the insurance market.</li><li>The outlook of the financial ratings is categorized as stable.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Invest in BRK for stable growth due to solid ratings and performance strength in insurance subsidiaries.
 </section>
</section>



AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aaa" (Exceptional) of National Indemnity Company (Omaha, NE) and its affiliates (collectively referred to as National Indemnity). These companies are subsidiaries of the ultimate parent, Berkshire Hathaway Inc. (Berkshire) (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BRK">BRK</a>). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)


The ratings reflect National Indemnity's balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and appropriate enterprise risk management.


National Indemnity's balance sheet strength benefits from its solid risk-adjusted capitalization, which is maintained typically at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), but can fluctuate due to investment market volatility or in the immediate aftermath of large dividend payments. This volatility is mitigated by ample liquidity and vast financial resources, not only at National Indemnity's level, but also at Berkshire. National Indemnity's balance sheet further supports the greater Berkshire operations through providing capital relief to various subsidiaries in the form of quota shares and loss portfolio transfers.


National Indemnity's steady underwriting performance has been augmented by substantial investment income during most periods, which has led to operating results that have outperformed peers, as measured by a broad range of total profitability metrics, over a prolonged time period. This is driven partially by National Indemnity's sheer size as the largest balance sheet in the insurance market, and relatively low underwriting leverage. National Indemnity's underwriting results in large part reflect the performance of Berkshire's other (re)insurance affiliates, as a substantial portion of the group's premiums are assumed via quota share and to a lesser extent excess of loss reinsurance agreements with affiliates.


The FSR of A++ (Superior) and the Long-Term ICRs of "aaa" (Exceptional) have been affirmed with stable outlooks for National Indemnity Company and its following affiliates:

<ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
Columbia Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Fire &amp; Marine Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Liability &amp; Fire Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Indemnity Company of Mid-America

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
National Indemnity Company of the South

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Berkshire Hathaway Specialty Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Berkshire Hathaway Direct Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Berkshire Hathaway International Insurance Limited

</li>
</ul>
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=49e37a0408117ab6c670f60aefab79b3" shape="rect">Recent Rating Activity</a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1901&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=a3432e514776423767468e35a1216547" shape="rect">Guide to Best&#39;s Credit Ratings</a>. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=73ec44d3dae20116f001f2709306a6da" shape="rect">Guide to Proper Use of Best's Ratings &amp; Assessments</a>.


AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=54516497&amp;newsitemid=20260416183266&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=eb4b6de2c9aa1e5dcba6c44161dbcc93" shape="rect">www.ambest.com</a>.


Copyright &#xA9; 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260416183266r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260416183266/en/" rel="nofollow">https://www.businesswire.com/news/home/20260416183266/en/</a>
Dan Hofmeister 
 Associate Director 
 +1 908 882 1893 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:dan.hofmeister@ambest.com" shape="rect">dan.hofmeister@ambest.com</a>


Steven M. Chirico, CPA 
 Director 
 +1 908 882 1694 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:steven.chirico@ambest.com" shape="rect">steven.chirico@ambest.com</a>


Christopher Sharkey 
 Associate Director, Public Relations 
 +1 908 882 2310 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:christopher.sharkey@ambest.com" shape="rect">christopher.sharkey@ambest.com</a>


Al Slavin 
 Senior Public Relations Specialist 
 +1 908 882 2318 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:al.slavin@ambest.com" shape="rect">al.slavin@ambest.com</a>

AM Best affirmed the highest ratings for Berkshire Hathaway's subsidiary, National Indemnity Company, indicating strong financial stability and performance. This favorable assessment reflects robust capitalization and operational strength that bolster Berkshire's overall financial health.

AM Best Affirms Credit Ratings of National Indemnity Company and Its Affiliates

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News