They must be doing things right at Lloyd’s, because Warren Buffett is now a significant investor. The sage of Omaha, famous for his down-to-earth approach at major insurance player Berkshire Hathaway (its “A” shares are worth $132,287 each) has invested an estimated $2.4 billion in the market through such business units as General Re and National Indemnity. 

The entry of the cashed-up Buffett companies into the market – they are now estimated to control up to 8% of Lloyd’s capacity – is evidence of the rapid change the market is going through, with major corporations replacing the private “Names” as the major providers of risk capital.