Buffett in the rubble: Berkshire’s quake play and the global forces driving NZ premiums

Ajit Jain, then the head of Berkshire Hathaway's reinsurance division flew to NZ on a private plane not long after the Canterbury quakes (Image: Getty)

Cécile Meier

Mon, 22 Sep 2025

When the dust was still settling after the devastating 2011 Canterbury earthquakes, one of Warren Buffett’s top lieutenants flew in.Ajit Jain, then the head of Berkshire Hathaway (BH)’s reinsurance division, was known globally for his sharp grasp of catastrophe risk and his direct line to Buffett.Sam Stubbs, then-chief executive of Tower Investments, recalls BH’s playbook.“They came in and offered reinsurance immediately after the Christchurch earthquakes. It wasn’t something that we took up because we already had...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}