Berkshire Hathaway

He will remain on Berkshire’s board as chair emeritus

The insurer’s targets include Australia’s Suncorp and IAG, and Canada’s Intact Financial Corporation

He made more than 21,000 securities trades last year, often in bursts tied to market events he created

Quarterly operating profit rose 16% to US$12.98 billion, net income more than doubled to US$25.67 billion

The deal brings in Warren Buffett’s diversified holding company as a major new investor

The company’s cash reached a record US$380.2 billion at the end of March

Conglomerate’s size, cash pose challenges for new CEO; stock has significantly lagged S&P 500 since ‘Oracle of Omaha’ announced his departure

The two companies will collaborate on reinsurance and global investments including mergers and acquisitions

Abel said adding to his own Berkshire holdings helps align himself with shareholders over the long term