AM Best rankings named Berkshire Hathaway Inc. the world's largest insurer by nonbanking assets. The company surpassed Germany's Allianz SE to claim the top spot.
Berkshire's assets reached $1.15 trillion. This marks the first time the company has held the position, ending Allianz's five-year run at the top.
The ranking highlights the scale of Berkshire's insurance operations, a core component of its growth strategy. However, the report noted that Berkshire Hathaway ranked ninth globally in terms of net premiums written.
This news coincides with a major leadership transition. Greg Abel took over as CEO from Warren Buffett at the start of the year.