A former insurance subsidiary of Warren Buffett’s Berkshire Hathaway Inc. sparred with the California Department of Insurance on Monday about whether its recent sale violated state insurance regulations. Applied Underwriters, a workers’ compensation insurer, said Wednesday that its co-founder Steve Menzies and Quadrant Management bought the company, including the 81% owned by Berkshire, for $920 million. Berkshire said in a regulatory filing on Oct. 15 that it completed the sale of its stake Oct. 10.

Source: Wall Street Journal October 22, 2019 01:07 UTC