Guard Insurance Group

Berkshire Hathaway's National Indemnity Company acquired Guard Insurance Group in October 2012 from Clal Insurance Enterprises Holdings for approximately $220 million (per the Associated Press, 2012). The deal was facilitated by Ajit Jain, who oversaw Berkshire's reinsurance operations and had established a relationship with Guard's management through reinsurance contracts over the prior decade. Sy Foguel, Guard's CEO, continued running the company post-acquisition under the Berkshire umbrella.

Guard writes workers' compensation, commercial auto, businessowners' policies (BOP), and umbrella coverage primarily for micro and small commercial enterprises. The company focuses on main-street businesses distributed through independent insurance agents rather than direct-to-consumer channels. Its geographic concentration has historically been the Northeast, Mid-Atlantic, and Midwest, with ongoing state-by-state expansion.

Sy Foguel serves as CEO and President of Berkshire Hathaway GUARD Insurance Companies. The firm was co-founded by Y. Judd Shoval and Susan W. Shoval, members of a Wilkes-Barre family that built the original workers' compensation carrier. Foguel has led the company through its acquisition by Berkshire Hathaway and subsequent geographic and product expansion.

Guard occupies a distinct niche within Berkshire's insurance cluster — it is the primary vehicle for small commercial lines distributed through independent agents. Unlike GEICO's direct-to-consumer model or General Re's reinsurance focus, Guard maintains a traditional agency distribution model for micro and small business coverage. This provides Berkshire with exposure to a market segment where localized underwriting knowledge and agent relationships create barriers to entry for digital-native competitors.

As a Berkshire Hathaway subsidiary, Guard's insurance float — the premiums collected before claims are paid — is consolidated into Berkshire's overall investment portfolio managed by Warren Buffett and his investment team. Guard does not independently manage a disclosed external investment allocation. The float generated by Guard's underwriting contributes to the capital base that Berkshire deploys across equities, fixed income, and private transactions.