Berkshire Hathaway Specialty Insurance (BHSI) is part of billionaire Warren Buffett’s Berkshire Hathaway. Credit: sdx15/Shutterstock.

Boston, Massachusetts-based BHSI has forayed into the surety market in Spain.  

Jesús Barbero, with more than two decades of experience in the surety sector, will serve as the head of surety for this venture.  

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Most recently, Barbero, who is based in Madrid, spent 15 years spearheading the surety division at another insurance company. 

The US insurance major said it will develop and offer a range of surety solutions for various projects and risks within the Spanish market. 

Surety insurance is critical for providing financial security against the risk of non-performance or payment defaults.  

It is especially prevalent in construction, government contracts and other commercial agreements to guarantee the fulfilment of contractual commitments. 

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BHSI country manager in Spain Constanza Gállegos said: “We are excited to lead BHSI’s entry into the European surety market. By bringing BHSI’s long-view commitment, credit rating and financial strength to the surety market in Spain, we are answering an expressed need of our customers and brokers.” 

BHSI, a division of Warren Buffett’s Berkshire Hathaway, continues to grow its global presence.  

The latest move follows its establishment of a new office in Stockholm, Sweden, aimed at increasing its footprint in the Nordic region. 

The Nordic expansion included the appointment of several senior executives.  

Anna Green was named head of Nordics, Karin Bryner took on the role of head of executive & professional lines, and Anton Holmgren was appointed as head of general property. 

The underwriting for executive and professional lines, general property, energy and construction has already commenced at BHSI’s Nordic branch.  

Furthermore, this April, BHSI broadened its marine insurance offerings in the US, targeting midmarket and large, risk-managed customers.