Berkshire Hathaway has agreed to write all Suncorp’s New Zealand catastrophe cover, according to London website Insurance Insider.

A Suncorp spokesman told insuranceNEWS.com.au the group will not comment on reinsurance negotiations until they are complete, which is expected by June 30.

Last July Suncorp gave the Australian Securities Exchange details of its $5.8 billion property catastrophe program for Australia and New Zealand, after natural disaster losses and speculation about higher reinsurance costs.

The Insurance Insider report says Berkshire Hathaway – which includes in its insurance holdings reinsurers Gen Re, Cologne Re and NRG – is expanding aggressively in the Asia-Pacific region, and Suncorp’s decision to place the New Zealand business with the US reinsurer will antagonise other reinsurers looking to recoup losses.

The report says the deal is estimated to be worth about $US200 million.