Gen Re has appointed Berkshire Hathaway reinsurance executive Kara Raiguel as its new CEO.

She replaces Tad Montross, who announced his retirement last month. He has been CEO since 2008.

Ms Raiguel will report to Ajit Jain, who oversees Berkshire Hathaway Reinsurance Group. Mr Jain is considered a potential successor to Warren Buffett as the head of the Berkshire Hathaway conglomerate.

Gen Re has been a Berkshire Hathaway company since 1998.