Warren Buffett gains control of Berkshire Hathaway May 10 1965 — a failing New Bedford MA textile mill; Buffett pays $14.86/share to take over. Buffett later calls it his 'worst trade' for keeping the textile name — but Berkshire becomes vehicle for Buffett's empire, primarily insurance-driven.

Berkshire acquires National Indemnity Company + National Fire & Marine Mar 1967 for $8.6M cash from Jack Ringwalt in Omaha — Ringwalt agrees during a 15-minute conversation. Buffett's first insurance acquisition; teaches him insurance 'float' concept that becomes Berkshire's primary financing engine for next 60 years. NICO grows into $200B+ float by 2025.

Berkshire buys 51% of GEICO 1976 (full ownership 1996) — Buffett rescues GEICO from insolvency at $2/share when CEO Jack Byrne stabilizes loss reserves. GEICO becomes Berkshire's flagship auto insurer; by 2025 ~$50B premium, second-largest US auto insurer behind State Farm.

Berkshire completes 100% acquisition of GEICO Aug 1996 for $2.3B in stock — Buffett buys remaining 49% after 20 years of partial ownership. GEICO becomes flagship Berkshire auto insurer; Tony Nicely's leadership grows GEICO from 2M to 18M policyholders 1995-2018.

Berkshire creates Class B shares May 1996 — original Class A shares were $33K each; Class B priced at 1/30 of A ($1,100 each at launch). Allows broader retail ownership. Class B later split 50:1 in 2010 (post-BNSF acquisition) making Class B ~$70/share. BRK.B becomes the more liquid trading vehicle.

Berkshire acquires General Re Jun 1998 for $22B all-stock — Buffett's largest acquisition at the time. Gen Re is then the #2 US reinsurer (after Munich Re Am). Adds Cologne Re + Gen Re Securities. Buffett later calls Gen Re Securities one of his 'worst' bets after 2002-2009 accounting + risk issues.

Berkshire Q4 1998 — Gen Re (acquired Jun 1998) reports $1.4B underwriting loss; Buffett's first major insurance acquisition disappointment. Gen Re's prior reserve issues + Gen Re Securities (derivatives) drag 1999-2003. Buffett later admits Gen Re was 'biggest mistake' aside from textile keeping.

Berkshire acquires Applied Underwriters Apr 2006 for ~$200M; small workers' comp specialty insurer becomes part of Berkshire Hathaway Specialty Insurance buildout. BHSI launched separately Apr 2013 as global commercial P&C platform under Peter Eastwood — grows to $11B+ premium by 2025.

Berkshire invests $5B in Goldman Sachs Sep 23 2008 + $3B in General Electric Oct 1 2008 — Buffett extracts 10% preferred dividends + warrants when markets are panicking. Berkshire's insurance float ($60B+) provides ammunition for crisis investing; Buffett earns ~$10B profit on these deals.

Berkshire Hathaway Specialty Insurance (BHSI) launches Apr 2013 as global commercial P&C platform — Peter Eastwood hired from AIG to lead. Builds BHSI from zero to $11B+ premium by 2025; one of fastest organic builds in commercial insurance history. Berkshire's bet on commercial specialty post-AIG vacuum.

Berkshire 2020 cash hoard hits record $147B Q1 2020 — Buffett refrains from buying during COVID crash, draws criticism. Buffett later spends $40B+ on Apple buyback boost + Occidental Petroleum 2022. Insurance float $130B+ continues compounding. Cash discipline becomes investing legend.

Berkshire acquires Alleghany Corp Oct 18 2022 for $11.6B cash. Alleghany owns Transatlantic Holdings (TransRe — top-10 US reinsurer), RSUI Group (specialty E&S), Capitol Indemnity. Adds $7B+ premium to Berkshire reinsurance platform. Joseph Brandon CEO TransRe; Alleghany continues operating semi-autonomously.

Berkshire Q1 2023 — insurance float reaches $164B; total Berkshire equity $570B. NICO + GEICO + GenRe + BHSI + Alleghany combined premium $90B+. Insurance underwriting profit + investment income (Apple, BAC, Coca-Cola, AmEx) drive record Q1 operating earnings.

Berkshire acquires Alleghany Corp Oct 2022 for $11.6B cash; closes Q4 2022. Alleghany owns Transatlantic Holdings (TransRe — major US reinsurer) + RSUI + Capitol Federal + private equity bets. Largest Berkshire acquisition since Precision Castparts 2016. Adds $7B+ premium to Berkshire reinsurance group.

Buffett announces at May 2024 annual meeting Greg Abel will take over as CEO Jan 1 2026; Buffett (95) remains chairman. Berkshire insurance ops ($300B+ float, NICO + GenRe + GEICO + BHSI + Alleghany) become core of post-Buffett strategy. Smooth succession after years of telegraphing.

Greg Abel becomes Berkshire CEO Jan 1 2026 — formal transition after 60 years of Buffett's reign (since 1965). Buffett (95) remains chairman. Abel inherits $325B+ insurance float, $290B+ cash pile, top-5 stakes in Apple/AmEx/Coca-Cola/BAC/Chevron/Occidental. First major test: capital deployment in post-Buffett era.