Gen Re Announces Richter to Retire as Genesis Chairman, CEO; General Star’s Roberts to Head Combined Group

July 8, 2004

General Re Corporation, a subsidiary of Berkshire Hathaway Inc., announced that Harry L. Richter, Chairman, President and CEO of its Genesis operation, which underwrites specialized excess and large deductible insurance coverages, will retire on September 1, 2004 after serving for more than 15 years.

Patricia H. Roberts, currently President and CEO of General Star Management Company, General Re’s excess and surplus lines operation, will become President and CEO of Genesis in addition to her current responsibilities.

Gen Re’s Chairman and CEO Joseph P. Brandon commented: “We thank Harry for the tremendous leadership he has provided in making Genesis a leader in the alternative risk market and developing a strong, skilled team focused on delivering high quality products and responsive service. While we will miss his leadership, humor and streetwise market perspective.

“Harry’s clear vision, commitment to underwriting excellence and dedication to clients have positioned Genesis well for the future. Harry leaves with our deep appreciation for his many contributions and our best wishes for an enjoyable retirement.”

He added that “Harry’s retirement provides an opportunity to better align Genesis’ and General Star’s operations under Pat Robert’s leadership. Pat’s underwriting knowledge and skills are formidable, and her focus on client service is legendary.

“General Star and Genesis have strong competitive positions in each of their markets, and I’m confident that their combination under Pat’s leadership will optimize both companies’ considerable talent and resources,” he concluded.

Roberts indicated that “with the continued convergence of insurance underwriting and distribution systems, the combination of Genesis and General Star will enable us to provide better service to our clients and best meet market needs. General Star and Genesis remain fully committed to their respective customers who will continue to be served by the same people they have long known and trusted.”

Roberts is a graduate of George Mason University, where she earned a B.S. degree in Business Administration. She joined General Re in 1977 and transferred to General Star in 1978. At General Star, she has held a variety of senior underwriting and management positions. She holds a CPCU designation attained in 1985.

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