Deals
Ajit Jain, Seen as Possible Buffett Successor, Gets Bigger Role
- Montross will retire by the end of this year, Gen Re says
- Unit generates about $6 billion in annual policy sales
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Ajit Jain, long considered a top candidate to replace billionaire Warren Buffett as chief executive officer of Berkshire Hathaway Inc., is expanding his oversight of the company’s insurance operations.
Gen Re, one of the major reinsurance businesses at Berkshire, said Tuesday that CEO Tad Montross, 60, will step down by the end of this year. His replacement hasn’t been named, but will report to Jain, said Sabine Denne, a spokeswoman for the reinsurer.